Outgoing Comptroller Kevin Lembo issued his final monthly financial and economic update on Dec. 31 with a projected General Fund surplus of $911.9 million for Fiscal Year 2022.
Lembo, who resigned due to health issues, noted the state”™s economy was continuing to gain vibrancy by citing data that showed November was the eleventh consecutive month of job growth and a gross domestic product that increased by 2.7% in the third quarter. He also pointed out that while rental housing prices were up 17% year-over-year, the state has not seen a spike in evictions.
Lembo also projected another large deposit into the state”™s Budget Reserve Fund ”“ also known as the Rainy Day Fund ”“ of approximately $1.88 billion, with $1.76 billion available to reduce unfunded pension liability.
“Connecticut”™s economy continues to improve,” said Lembo. “As our state builds on its recovery after the worst of the pandemic, the benefits of smart long-term planning are also coming to fruition, leading to job growth and unprecedented budgetary stability. I urge policymakers to ensure that the benefits of our recovery reach as many people as possible, and to build on our successes by staying the course and maintaining our current momentum.”
