State surplus slips slightly

By Christine Stuart

HARTFORD, Conn. – It’s not by much, but the $506.1 million surplus has already dropped to $504.4 million, according to Gov. Dannel P. Malloy’s budget office.

In his latest letter to state Comptroller Kevin Lembo, Malloy’s Budget Director Ben Barnes, said the governor still plans on giving refunds to taxpayers, adding more to the Rainy Day Fund, and making an additional payment to the state pension fund. However, the contribution to the Rainy Day Fund will be reduced to $249.4 million, instead of the $250 million the governor had initially earmarked in his budget adjustments.

The $600,000 reduction in the Rainy Day Fund isn’t significant by itself. In an email, Barnes said $600,000 “is below our level of precision in these estimates.”

However, it may hint at what direction the Malloy administration will head if the surplus continues to shrink.

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