Connecticut Comptroller Sean Scanlon is projecting a Fiscal Year 2023 General Fund surplus of $1.6 billion, an increase of $16.1 million from last month.
Scanlon added the Special Transportation Fund is projected to end Fiscal Year 2023 with a $251.1 million surplus, an increase of $2.3 million from last month. In a letter to Gov. Ned Lamont, Scanlon wrote that with the Budget Reserve Fund ”“ more commonly known as the Rainy Day Fund ”“ at its maximum amount, approximately $2.9 billion will be available to reduce unfunded pension liability for the State Employee Retirement System (approximately $2.1 billion) and the Teachers’ Retirement System (approximately $850 million).
“As our surplus continues to grow, we are on track to make critical payments towards our pension liabilities, and I look forward to seeing the budget crafted by the legislature and Gov. Lamont,” Scanlon said.
