Connecticut’s main spending account has a projected surplus, for now.
In a letter sent Monday to Comptroller Kevin Lembo, Office of Policy and Management Secretary Ben Barnes said higher-than-expected tax collections have led to a potential $137.9 million operating surplus in the state’s main spending account for the current fiscal year, which ends June 30.
Barnes stressed that these estimates “will undoubtedly be revised.”
The state’s General Fund is roughly $19 billion.
Barnes said the largest revenue change comes from the withholding portion of the personal income tax, which is up nearly $97 million. The sales and use tax is up more than $58 million than originally budgeted.
Meanwhile, $85 million in additional estimated income tax payments will be deposited in the state’s budget reserved account.