Connecticut’s financial position improved in June, according to Comptroller Kevin Lembo, who said the state will likely end the fiscal year with a surplus of $189.1 million.
The state’s financial position improved by $24.3 million in June, and since December has improved by more than $600 million, which Lembo attributed to $98 million in spending reductions as well as one-time windfalls in inheritance and estate tax revenue, which are nearly $270 million over budget.
Fiscal year 2013 ended today, but the state won’t have the surplus calculated until September, allowing accounting for late revenue.
More than 90 percent of the surplus will be used for future budgetary needs while the remainder will be deposited into the “rainy day” fund, bringing its balance to more than $109 million.
