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Consensus on Connecticut revenue, surplus to be released

Associated Press

Publication: theday.com

Published April 30. 2014 6:00AM   Updated April 30. 2014 6:26AM

Hartford (AP) — Connecticut taxpayers will get a clearer picture of whether the state will end this fiscal year with a surplus.

Gov. Dannel P. Malloy's budget office and the General Assembly's nonpartisan Office of Fiscal Analysis are expected on Wednesday to release a consensus revenue projection. That report will show whether both entities agree the current fiscal year will end on June 30 in surplus and how much that surplus will be.

This year's state budget was originally projected to end about $500 million in the black. Malloy had proposed using part of that money to provide a $55-per-person tax refund. However, earlier this week, Malloy's budget director said there was not enough revenue from capital gains income to cover the rebate.

Malloy estimated the surplus dropped by several hundred million dollars.

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