Comptroller Scanlon projects $153.9M FY24 General Fund surplus

Connecticut Comptroller Sean Scanlon’s latest monthly economic outlook projects a Fiscal Year 2024 General Fund surplus of $153.9 million and a Special Transportation Fund surplus of $208.4 million.

The forecast reduced General Fund revenues by a net $57.1 million, largely accounting for the surplus projection decrease month-over-month. However, Scanlon insisted the projection affirms the strength of the state’s economy, and he cited continued job growth, increased wages, a steady low unemployment rate, and increased consumer spending as evidence of a vibrant economy.

“We are still forecasting a surplus, even after Gov. Lamont signed the largest income tax cut in the state’s history,” he said. “Heading into 2024, we still have a full Rainy Day Fund at $3.3 billion, and our unemployment rate remains below the national average. These factors put our state in a position to weather potential economic headwinds.”