State Comptroller Kevin Lembo said Tuesday that the state is on track to end fiscal year 2014 in June with a $504.9 million surplus.
The projection is up about $500,000 from Lembo’s estimate a month ago. Lembo said his estimates concur with the Office of Fiscal and Policy Management.
Lembo said the projection could continue to grow, barring any spending increases in the state’s final fiscal quarter, because April is an important month for tax revenue collections.
The biggest chunk of the estimated surplus is $213.1 million from income taxes, fueled by stock market gains, Lembo said.
