State Budget
Similar to a budget for a household or business, the State of Connecticut is supposed to have an annual budget that 1) estimates how much money the State expects to collect as revenue, and 2) specifies how much the State should spend and for what purposes.
Connecticut's state budget has different sections regarding the State's expected revenue and expenditures. Revenue is the income or money the State receives from taxes, fees, and other sources. Expenditures are the money the State spends on government services, programs, and other functions.
The largest piece of the state budget is the General Fund, which contains money used for expenditures authorized by the state budget and not otherwise restricted by state statute. The General Fund finances the bulk of the state government's operations.
Since fiscal year 2000, General Fund expenditures have increased 17 percent from approximately $16.39 billion in fiscal year 2000 to $19.16 billion in fiscal year 2020. General Fund revenues have also increased 14 percent from $16.85 billion in fiscal year 2000 to $19.19 billion in fiscal year 2020.
In fiscal year 2020, General Fund revenues exceeded expenditures, resulting in a $39 million surplus. Between fiscal years 2000 and 2020, Connecticut experienced General Fund surpluses in 13 fiscal years and deficits in eight fiscal years.
