CONNECTICUT, USA — Despite the ongoing coronavirus pandemic, new figures released Friday show Connecticut appears on track to end the current fiscal year with a surplus.
State officials previously predicted the state budget could be about $2 billion in deficit, because of the business shutdowns earlier in 2020 to help stop the spread of infections, coupled with the subsequent job losses.
Democrat Gov. Ned Lamont said portions of the state's economy has continued to perform during the pandemic, due to “our residents, robust federal support, and smart and strategic state investment."
“Today’s consensus revenue forecast makes it abundantly clear the COVID-19 pandemic and its resulting economic fallout are unlike previous contractions, and Connecticut’s response and efforts to handle this massive public health crisis have been exceptional," Governor Lamont said. "In this unique paradigm, portions of our state’s economy have continued to perform thanks to the resilience of our residents, robust federal support, and smart and strategic state investment. This forecast allows the state to continue essential services and support for our partners without forcing us to tap our historic savings in the current year.”
Republican lawmakers urged the General Assembly to proceed cautiously.