Connecticut’s top accountant says the state is headed toward a $1.2 million fiscal surplus due to slow improvement in the economy.
State Comptroller Nancy Wyman said Monday that income tax receipts are up so far in fiscal 2011 by a healthy 7 percent from last year. Â
“The income tax, sales tax and inheritance tax are significantly outperforming initial budget projections,” Wyman said. “Unfortunately, those gains are being offset by continued high unemployment, a weak housing market and overspending by some state agencies.”
The state added 2,500 payroll jobs in November, bringing the total job growth for calendar 2010 to 10,600. But the state’s unemployment rate remains historically high at 9 percent.Connecticut’s housing market continues to struggle, with existing home sales dropping sharply in the third quarter of 2010.
Increases in receipts of the sales tax is mirroring national trends, which saw advance retail sales for November were up a solid 7.7 percent.
