Date: Wed 05-May-1999

Publication: Bee

Author: CURT

Quick Words:

state-budget-surplus

Full Text:

Budget Surplus Grows To Estimated $493.1 Million

HARTFORD (AP) - The state surplus has grown to an estimated $493.1 million,

driven mostly by better-than-expected income tax receipts, the state

comptroller reported.

Monday's estimate is about $30 million higher than Comptroller Nancy Wyman

estimated last month and is $57 million higher than governor's budget office

estimate.

Driving the surplus are income tax receipts expected to top $3.8 billion -

about $430 million more than originally forecast, Wyman reported. She said the

state also was taking in more money in corporation taxes and sales taxes and

is generating lower-than-expected tax refunds.

Lawmakers and the governor plan to spend most of the surplus on one-time

expenses, including additional payrolls, computer work for the year 2000,

school and library improvements and other uses.

The governor wants to put $70 million of the surplus toward tax rebates of up

to $150 apiece. A legislative committee has rejected the rebate plan in favor

of more aid to municipalities and other projects.

The surplus estimate does not include $80 million earmarked for a football

stadium for the New England Patriots. The Patriots announced last week they

were backing out of the deal to move to Hartford.