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$911.9M surplus projected for the Connecticut General Fund - Westfair Online

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Outgoing Comptroller Kevin Lembo issued his final monthly financial and economic update on Dec. 31 with a projected General Fund surplus of $911.9 million for Fiscal Year 2022.

Lembo, who resigned due to health issues, noted the state’s economy was continuing to gain vibrancy by citing data that showed November was the eleventh consecutive month of job growth and a gross domestic product that increased by 2.7% in the third quarter. He also pointed out that while rental housing prices were up 17% year-over-year, the state has not seen a spike in evictions.

Lembo also projected another large deposit into the state’s Budget Reserve Fund – also known as the Rainy Day Fund – of approximately $1.88 billion, with $1.76 billion available to reduce unfunded pension liability.

“Connecticut’s economy continues to improve,” said Lembo. “As our state builds on its recovery after the worst of the pandemic, the benefits of smart long-term planning are also coming to fruition, leading to job growth and unprecedented budgetary stability. I urge policymakers to ensure that the benefits of our recovery reach as many people as possible, and to build on our successes by staying the course and maintaining our current momentum.”

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Phil Hall's writing for Westfair Communications has earned multiple awards from the Connecticut Press Club and the Connecticut Society of Professional Journalists. He is a former United Nations-based reporter for Fairchild Broadcast News and the author of 10 books (including the 2020 release "Moby Dick: The Radio Play" and the upcoming "Jesus Christ Movie Star," both published by BearManor Media). He is also the host of the SoundCloud podcast "The Online Movie Show," co-host of the WAPJ-FM talk show "Nutmeg Chatter" and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill's Congress Blog, Profit Confidential, The MReport and StockNews.com. Outside of journalism, he is also a horror movie actor - usually playing the creepy villain who gets badly killed at the end of each film.

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