State Comptroller Kevin Lembo said this week that he expects the state to end up with a $248 million surplus for the fiscal year that ended June 30, once the books are audited.
Meanwhile, Lembo’s projected surplus for fiscal year 2015 remains at $300,000.
The estimate for 2014 is more than double a $121.3 million projection in early August, and is due to higher-than-expected revenue, Lembo’s office said.
The entire amount will be deposited into the state’s rainy day fund, which will increase its balance to $519.2 million, or approximately 3 percent of this year’s budgeted spending.
Lembo, who is facing a re-election challenge next month from Republican Sharon McLaughlin, has called for the state to increase its reserve levels to 15 percent.
Lembo noted this week in his monthly letter to Gov. Dannel P. Malloy that the 2014 surplus is mainly due to impermanent structural changes, such as the state’s tax amnesty program, the restructuring of debt, transfers from other state funds and revenue from the prior year.
