Comptroller Braswell projects $494.2M surplus in updated forecast

Connecticut Comptroller Natalie Braswell has projected a Fiscal Year 2023 General Fund surplus of $494.2 million in her latest monthly financial and economic forecast.

“Despite the national and global economic unpredictability that has marked the pandemic recovery, Connecticut’s budget has proven resilient,” said Braswell. “While it’s still early in the fiscal year, we are on pace to record another surplus, building on recent successes in stabilizing state finances and guarding against future downturns in the economy.”

Braswell noted Connecticut has a strong job market but acknowledged that tumult in the housing market and high inflation ”“ coupled with continued uncertainties overseas ”“ is creating a complex environment for the state.

“Much of what happens in the global economy is out of our control here in Connecticut,” said Braswell. “It’s our responsibility to be prepared for all possible outcomes. By filling the Rainy Day Fund and addressing long-term costs, the state can spare taxpayers from reliving the era of tax hikes, punishing service cuts and endless budgetary warfare in the Capitol that followed the Great Recession.”