Connecticut ended fiscal year 2014 on June 30 with an estimated surplus of $33.2 million, according to Comptroller Kevin Lembo.
That number is down from a $43.4 million surplus Lembo anticipated at the start of June. Revenues came in $75.5 million short of projections, Lembo said, mostly related to outstanding federal reimbursements the state has claimed but not yet received. However, the revenue decline was offset by a $65.1 million increase in anticipated budget savings, Lembo added.
The exact amount of the surplus will be determined later this year when the state’s books are audited and closed.
As recently as April, Lembo had estimated a surplus of $505 million. But that projection fell sharply later that month, forcing Gov. Dannel P. Malloy to scrap a tax rebate plan.
