So Much for State's Money Troubles

It appears Connecticut has dug itself out of a financial hole.

Gov. M. Jodi Rell's budget office said the state ended the fiscal year on June 30 with a $393.3 million surplus.  That amount is up $150 million from an estimate last month.

Gov. Rell attributes the surplus to tighter fiscal controls and a gradually improving state economy.  "We have seen six consecutive months of job growth -- slower growth than we need or want, but a far better trend than we saw at this time last year," Rell said.

The nearly $400 million surplus means Connecticut will have to borrow only about half the money originally thought for the fiscal year 2011.

The governor's budget office credited increased surplus with higher-than-expected sales tax collections, insurance company revenues and license, permit and fee revenues.

"It has a positive ripple effect for years to come," Rell said of the ballooning surplus numbers.

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