Connecticut Comptroller Sean Scanlon has updated his monthly financial and economic update forecast, with a new projection that the state’s General Fund will end Fiscal Year 2024 with a $178 million surplus and the Special Transportation Fund will end Fiscal Year 2024 with a $210.3 million surplus.
According to Scanlon, the increase in the surplus from last month’s projected $153.9 million is due to a reduction in the overall projected expenditures by state agencies totaling $24.1 million. Revenue projections were unchanged from November, remaining at an estimated $22.5 billion.
“2023 was another positive year when it came to Connecticut’s continued fiscal momentum,” said Scanlon. “We ended the year with a surplus for the sixth consecutive year, once again had a full Rainy Day Fund and had paid off another $1 billion in pension debt. As we begin 2024 and as the largest tax cut in state history takes effect, we are projecting a modest increase in our surplus. So long as we stay true to our fiscal discipline and guardrails, 2024 will be another year of progress for Connecticut’s fiscal turnaround.”
