Connecticut Comptroller Sean Scanlon issued his monthly financial and economic update with a projection of a Fiscal Year 2023 General Fund surplus of $630.6 million.
Fiscal Year 2023 officially ended on June 30, 2023, and is followed by an adjustment period ending in August with audited results available by Dec. 31, 2023. The $115.3 million decrease resulted from a $160 million decrease in revenue projections but was partially offset by a $44.6 million decrease in projected expenditures.
Scanlon is currently projecting approximately $1.96 billion would be available to reduce unfunded pension liability for the State Employee Retirement System and the Teachers’ Retirement System.
“The continued cooling of inflation is welcome news for Connecticut residents, as is the recent announcement that the Federal Reserve no longer forecasts a recession,” said Scanlon. “When you combine the improving national economic outlook with our state’s improved finances and our strongest six-month period of job growth since 2006, there is reason to be optimistic about Connecticut’s economic prospects in the second half of 2023.”
