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Lembo certifies 2014 surplus

HARTFORD, Conn. – State Comptroller Kevin Lembo certified a $33.2 million surplus Tuesday, but warned that while the 2015 fiscal year officially begins today the final 2014 surplus won’t be determined until later this year after the books are audited.

In his monthly letter to Gov. Dannel P. Malloy, Lembo agreed with Malloy’s budget office and reduced the surplus by $10.1 million from last month’s estimate.

This month’s revenue projection is down $75.5 million from last month — the vast majority related to outstanding federal reimbursements that the state has claimed, but not yet received. The state is actively seeking to recover $65.5 million from the federal government for costs incurred by the Departments of Developmental Services and Mental Health and Addiction Services, Lembo said.

The drop in revenue was offset by a $65.1 million increase in anticipated budget savings, which is money state agencies have promised not to spend.

See the complete story at CT News Junkie.

Comments

4 responses to “Lembo certifies 2014 surplus”

  1. John Hamlin

    If you go into debt and put off paying for today’s expenses until tomorrow, you too can run a surplus!!

  2. piberman

    Why are monthly budget estimates major news ? The real question that needs answering is why the Governor needs maintain the historic tax hike he initiated shen coming to office ? And why CT is the only state whose employment remains 50,000 below pre Recession levels ?

  3. Suzanne

    Both true Mr’s Hamlin and Berman. I love this from the article:
    *
    Overall, general fund spending for 2014 is expected to be $144 million below the original budget plan.

    None of this changes what’s in store for lawmakers and the governor in fiscal year 2016.

    According to the Office of Fiscal Analysis, the state faces a $1.278 billion deficit in 2016 and a $1.5 billion deficit in 2017.
    *
    Who does the Comptroller and the Governor think they are fooling?
    *
    I guess we are all supposed to jump up and down and yell “Goody!” at this news which means absolutely, categorically, nothing.
    *
    No, Mr. Lembo and Governor Malloy: we have not turned stupid yet.

  4. John Hamlin

    But Malloy will be re-elected because there’s no real opposition.

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