Comptroller Sean Scanlon reported in his monthly financial and economic update that Connecticut enjoys a projected a Fiscal Year 2023 General Fund surplus of $745.9 million and surplus of $260.2 million for the Special Transportation Fund.
Scanlon attributed the decrease in the general surplus to several factors, particularly a $530 million increase in projected expenditures resulting from the passage of the budget in the 2023 legislative session. He also projected that approximately $2.1 billion will be available to reduce unfunded pension liability for the State Employee Retirement System and the Teachers’ Retirement System.
“Even after passing the largest tax cut in state history, we still ended the fiscal year with a $745-million surplus,” said Scanlon. “2023 marked the fifth consecutive year we ended the fiscal year with a surplus and that, in addition to significant job growth, is something worth celebrating as we continue to experience a turnaround in Connecticut’s fiscal and economic health.”
