Comptroller Braswell projects $1B FY2023 General Fund surplus

Connecticut Comptroller Natalie Braswell issued her monthly financial and economic update with a newly projected Fiscal Year 2023 General Fund surplus of $1 billion.

“State revenues continue to perform well thanks to the overall strength of the labor market and robust consumer spending,” said Braswell. “While it”™s still early in the fiscal year, we are on track to record another significant surplus and make another sizable contribution to pay down pension debt.”

While Braswell pointed to a strong job market within Connecticut, she noted that high inflation and continued tumult in the housing market is working against the state.

“Housing affordability is a critical component to economic growth, and a key tool in combating chronic racial, ethnic, and geographical inequities,” said Braswell. “While many national conditions are outside of our control, policymakers in Connecticut should prioritize increasing housing inventory and look for ways to help young people purchase their first home.”