State Comptroller Kevin Lembo said Thursday the state’s General Fund is currently on track to end Fiscal Year 2014 with a surplus of $273.3 million
In a letter to Gov. Dannel P. Malloy, Lembo said the surplus projection – in line with the Office of Policy and Management’s latest projection – is an increase of $27.4 million from Lembo’s estimate last month.
Lembo said revenue for 2014 is expected to exceed initial budget targets by $201.7 million, while spending is close to initial budget targets. The largest portion of the excess revenue is the result of the state’s tax amnesty program – however, there are also generally positive trends developing in overall state revenue.