State ends year with $50M surplus
Unexpected revenues contributed to a nearly $50 million surplus in the state's coffers when books closed June 30.
Although $33.8 million of the $49.2 million surplus is already allocated, primarily to replenish depleted reserves, state officials were heartened by the news, according to Capitol News Service. "It seems the revenue forecasting committee was a little conservative," Finance Commissioner Sawin Millett told the news service. "To me, it is a very good turnaround in the last three months."
The final tally could increase by another $5 million once unspent appropriations are counted, according to the news service. The surplus was driven by individual income taxes ending the budget year $22.6 million over estimates and corporate income tax coming in $15.8 million above estimates for the year.
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