Lembo confirms $250M state budget surplus

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.

See the complete story from CT Mirror online.