Connecticut Raises Revenue Estimates by Another $53 Million

April 21, 2021, 2:22 PM

Connecticut revised its fiscal year revenue estimate higher by another $52.8 million, bringing its rainy day fund projection to $3.8 billion, according to an April update by Office of Policy and Management Secretary Melissa McCaw.

  • Biggest increase was $25m in unclaimed property revenue
  • Connecticut has increased fiscal year revenue estimates since June by more than $1b as all major revenue categories exceed projections
    • Estimated spending has increased by $365m
  • Rainy day fund is equal to about 19% of general fund spending and exceeds 15% statutory cap
    • Excess funds will be transferred to state pensions
  • “Significant” collections on capital gains...

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