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Lembo predicts Connecticut will have $189.1 million surplus

Associated Press

Publication: theday.com

Published July 01. 2013 12:00PM   Updated July 01. 2013 1:07PM

Hartford (AP) — State Comptroller Kevin Lembo says the state of Connecticut will likely end the current fiscal year with a $189.1 million budget surplus.

Lembo said Monday the state's financial outlook improved this month, but warned some of the most significant gains were potentially related to one-time revenue windfalls. For example, the biggest revenue growth came from the state's inheritance and estate tax, which is nearly $270 million over budget.

Income tax revenues are expected to surpass projections, but Lembo said sales and corporation taxes are projected to underperform estimates.

Lembo said sales for the three-month period ending in May were up 3.7 percent, with car dealers, restaurants and home furnishings retailers reporting improvement.

The state's fiscal year ended June 30. The surplus projection is based on applying accounting standards.

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