Connecticut Projects $2.65 Billion State Fiscal Surplus
What happened
Connecticut is on pace for a $2.65 billion surplus by June 30, which is the second-largest financial cushion in state history. The state expects over $750 million in additional revenues this fiscal year, and an extra $1 billion over the next two-year budget cycle, according to a new consensus revenue forecast. The state spends more than $28 billion annually.
From hartfordbusiness.com
Why it matters
The substantial surplus provides lawmakers with flexibility to carry funds into the next biennial budget, opening options for increased spending and tax cuts. This financial cushion is being considered as lawmakers seek more funding for education, childcare, and municipal aid.
From hartfordbusiness.com
Who's involved
- Ned LamontGovernor of Connecticut, managing state finances.
- ConnecticutThe state of Connecticut, which is projecting the surplus.
- Office of Policy and ManagementThe Office of Policy and Management, which advises on the state budget.
- general assemblyThe General Assembly, which is seeking more dollars for various state programs.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Connecticut State Department of EducationSpeculative
The Connecticut State Department of Education could benefit from revenue growth allowing lawmakers to seek more dollars for education.
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The entities involved
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Ned Lamont
Governor of Connecticut since 2019
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Connecticut
state of the United States of America
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Office of Policy and Management
government organization in Hartford, United States
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Related events
- Ned Lamont, Governor of Connecticut, announced infrastructure funding for New Britain and reappointed the Adjutant General.
- Ned Lamont used an advertisement to attack Ryan Fazio's record during the Connecticut election.
- FHWA provided emergency relief funding to Connecticut's Department of Transportation.
- Ned Lamont criticized Donald Trump's healthcare policies while serving on the Greenwich board of selectmen and seeking his third term as governor.
- The gubernatorial election for the state of Connecticut is taking place between Ryan Fazio and Ned Lamont.