HARTFORD, CT – Connecticut Office of Policy and Management (OPM) Secretary Jeffrey Beckham on Thursday sent the attached expenditure and revenue estimates to State Comptroller Natalie Braswell regarding the state’s General Fund and Special Transportation Fund for Fiscal Year 2023. According to this third monthly forecast from OPM for the fiscal year, the agency estimates that the FY 2023 budget will end the year with a $494.2 million surplus, a $49.6 million increase from last month’s forecast.
“There are signs the State of Connecticut’s fiscal health remains strong, including an increase in payroll employment and a drop in the unemployment rate,” said Secretary Beckham. “However, there are noteworthy concerns that the global economy – caused by the war in Ukraine, OPEC+ decreasing oil production, and ongoing supply chain disruptions – could impact our state’s financial position. These factors, outside the control of state government, reinforce the need to protect our Budget Reserve Fund. As the fiscal year continues, OPM is closely monitoring changes in the economy, expenditure patterns, and other factors and will continue to revise our estimates to reflect those conditions.”