HARTFORD, Conn. (AP) - Gov. Dannel Malloy is updating state Comptroller Kevin Lembo on Connecticut’s latest revenue and expenditure figures, including a projected state budget surplus that is nearing $500 million.
State law requires Malloy to update Lembo on Monday.
Last week, budget staffs for the Democratic governor and General Assembly agreed the current fiscal year could end June 30 nearly $500 million in surplus, given improving tax revenues. The $17.2 billion General Fund, the state’s biggest account, was last projected to have a $273 million surplus.
Malloy called it an “extraordinary achievement” to go from a $3.6 billion deficit to a surplus in three years.
Senate Republican Leader John McKinney called the surplus figures positive news, but warned there’s still a projected $2 billion deficit in fiscal years 2016 and 2017.
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