From CT Mirror.
State Comptroller Kevin P. Lembo confirmed Monday that a recent surge in projected income tax receipts has left the current budget on pace for closing with roughly a $250 million surplus.
In his monthly forecast, the comptroller projected the $19 billion General Fund will close June 30 $245.7 million in the black, a surplus of about 1.3 percent.
This effectively matches the $254.9 million surplus forecast issued by Gov. Dannel P. Malloy’s budget staff on Nov. 15.
“The withholding portion of the income tax continues to perform well year-to-date, in line with job gains in recent months,” Lembo said. Paycheck withholding comprises roughly two-thirds of the $9.6 billion the income tax is expected to raise this fiscal year.
The remainder comes from quarterly payments, which largely reflect capital gains, dividends and other investment earnings.
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