Connecticut Comptroller Natalie Braswell has released an updated economic update that projects a General Fund surplus of $1.76 billion for Fiscal Year 2022.
According to Braswell, the surplus projection increased $245 million since last month, which she attributed to a combination of revenue growth in certain tax categories and lower-than-anticipated spending. Braswell noted her projection was slightly lower than the one issued by the Office of Policy and Management, which she attributed to newly passed legislation designed to offer temporary tax relief and free bus service to Connecticut residents.
“As our state”™s economy continues to improve, we must balance our long-term objectives with the immediate needs of Connecticut residents,” she said.
“Connecticut”™s positive economic position presents a great opportunity for everyone in our state to share in the benefits of this recovery,” she added. “We have a rare chance to correct some of the long-standing inequities in our economy and bring lasting, transformative relief to working people. By making key investments in our residents and our infrastructure, we can grow the middle class and carry this momentum long into the future. But I also want to caution policymakers to not jeopardize the progress we”™ve made by undoing the sound fiscal policies that have filled the Rainy Day Fund and allowed us to finally reckon with the albatross of pension debt.”
