Originally posted on CBS Connecticut:
State Controller Kevin Lembo says Connecticut will likely end the current fiscal year with a surplus of a little over $150-million-dollars.
He says that’s in line with the news that came out of the state Office of Policy and Management Tuesday.
Lembo says the black ink is due in large part to revenues generated through the inheritance and estate taxes, as well as income tax collections last month.
He says while that is good news, the numbers have to be tempered somewhat.
Lembo calls them one-time revenues and when they’re subtracted it still shows the state with slow revenue generation for the coming 2014 fiscal year.
The state would be wise to put the surplus dollars into its depleted Rainy Day fund, Lembo said.