Connecticut’s operating surplus is projected to top $700 million, an increase of $129 million from May’s projections, according to state budget director Melissa McCaw. Projected revenues have also increased by $120 million compared with last month’s estimates. Sales and use tax revenue is up by nearly $40 million due to collections exceeding their targets. And corporate tax revenue is up by $25 million because collections are “overperforming their targets,” McCaw wrote in a letter to Comptroller Kevin Lembo detailing the new fiscal projections. The state saw some negatives to offset the positive budget news: One component of the state personal income tax was revised downward by $100 million because collections have underperformed their targets, McCaw said.
For The Full Story:Hartford courant
by Daniela altimari
June 20, 2019