Connecticut Starts 2023 With Surplus

Jeff Beckham, interim Secretary of the Office of Policy and Management. Photo credit: Hugh McQuaid

Additional surplus in the Rainy Day Fund will result in more funds allocated to the state’s unfunded pension liabilities.

By Hugh McQuaid, CTNewsJunkie.com 

The first budget update of the fiscal year released on Friday forecasted that Connecticut’s general and special transportation funds would end the year in balance or with slightly better than anticipated surpluses.

In a monthly update to the state comptroller, Office of Policy and Management Secretary Jeffrey Beckham reported that his office expects the state General Fund to close out the just-begun fiscal year with a $299 million balance. The number puts the state on track to meet expectations anticipated in the budget adjustment package adopted this year, despite fluctuations in both revenues and expenditures.

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