Comptroller Lembo projects General Fund surplus of $482.3M

Comptroller Kevin Lembo’s updated financial and economic outlook for Connecticut projects a General Fund surplus of $482.3 million for Fiscal Year 2022.

Lembo credited an increased level of economic growth and budgetary stability within the state to a recovering job market that has not been impacted by the so-called “Great Resignation” that has seen many workers abruptly leaving their jobs.

However, he expressed caution over the state”™s housing market, where high home prices and a 14.5% year-over-year increase in rental costs are limiting affordable housing opportunities.

“We don”™t know what the national economy will look like when the nation, as a whole, finally emerges on the other side of the pandemic,” said Lembo. “But I”™m growing more optimistic each month about the trajectory of Connecticut”™s recovery and the relative stability of our state budget.

“As always, there remain areas of concern ”” particularly in long-term workforce participation, housing costs and the pace of job recovery ”” but Connecticut is on the right track to experience continued growth and avoid the large budgetary deficits that have plagued the state for much of the past decade,” he added.