Connecticut Fiscal Statistics

StatisNostics/State Financials/Connecticut
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20122023
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State Revenue Analysis (Connecticut: 2012–2023)

Population: 3,594,362 → 3,605,597 (0.3% change)

Overall Revenue Trends

Total Revenue▲ 47.5%
$26,203,638,000 (2012)→$38,646,402,000 (2023)
Per Capita Revenue▲ 47%
$7,290 (2012)→$10,718 (2023)
Fund Balances▼ 100%
$16,824,809,000 (2012)→$0 (2023)
Revenue Volatility✓ Low
Avg. fluctuation: 4.6%

Major Tax Revenue

Sales Tax▲ 47.6%
$3,758,881,000 (2012)→$5,548,269,000 (2023)

Utility Revenue

Solid Waste Charges▼ 84.7%
$132,043,000 (2012)→$20,208,000 (2023)

Growth Analysis

Fastest Growing Revenue Sources

Workers Compensation - Interest Earnings▲ 3703.8%
$52,000→$1,978,000
Royalties▲ 796.7%
$389,000→$3,488,000
Federal Intergovernmental Health & Hospitals▲ 670.4%
$204,923,000→$1,578,680,000

Declining/Slowest Growing Sources

Federal Intergovernmental Air Transportation▼ 98.3%
$14,439,000→$240,000
Taxes Not Elsewhere Classified▼ 92.4%
$5,364,000→$406,000
Amusement Tax▼ 87.9%
$380,376,000→$45,960,000

Revenue Forecast

Projected Revenue (Next Year)▼ 1.3%
Estimated: $38,130,543,837
Based on 3-year revenue trend

Revenue Composition

2012 Revenue Breakdown

Individual Income Tax28.1%
Total General Sales Taxes14.3%
Federal Intergovernmental Public Welfare14.3%
Other Selective Sales Taxes4.2%
Unemployment - Contribution3.3%
Higher Education Tuition Charges3.3%
Federal Intergovernmental Education2.8%
Interest Earnings2.4%
Corporation Net Income Tax2.4%
Federal Intergovernmental Highways2.3%
Motor Fuels Sales Tax1.9%
Tobacco Sales Tax1.6%
Federal Intergovernmental Other1.6%
Miscellaneous General Revenue Not Elsewhere Classified1.5%
Amusement Tax1.5%
All Other Not Elsewhere Classified Charges1.4%
Net Lottery Revenue1.4%
Public Utilities Tax1.3%
Hospital Charges1.2%
Higher Education Auxiliary Charges1.0%
Motor Vehicle License0.8%
Insurance Premium Tax0.8%
Federal Intergovernmental Health & Hospitals0.8%
Death & Gift Tax0.7%
Fines & Forfeits0.5%
Solid Waste Charges0.5%
Documentary & Stock Transfer Tax0.5%
Occupation & Business License Not Elsewhere Classified0.5%
Federal Intergovernmental Transit Utilities0.4%
Federal Intergovernmental Housing & Community Development0.4%
Donations From Private Sources0.3%
Federal Intergovernmental Other Natural Resources0.3%
Alcoholic Beverage Sales Tax0.2%
Air Transportation Charges0.2%
Motor Vehicle Operators License0.2%
Transit Utilities Revenue0.2%
Natural Resources Not Elsewhere Classified Charges0.1%
Workers Compensation - Other Contributions0.1%
Corporation License Tax0.1%
Parks & Recreation Charges0.1%
Federal Intergovernmental Employment Security Administration0.1%
Federal Intergovernmental Sewerage0.1%
Housing & Community Development Charges0.1%
Local Intergovernmental Other0.1%
Federal Intergovernmental Air Transportation0.1%
Education Other State Charges Not Elsewhere Classified0.0%
Alcoholic Beverage License Tax0.0%
Regular Highway Charges0.0%
Parimutuels Tax0.0%
Parking Facilities Charges0.0%
Rents0.0%
Taxes Not Elsewhere Classified0.0%
Hunting & Fishing License0.0%
Sale of Property0.0%
Other License Tax0.0%
Federal Intergovernmental Water Utilities0.0%
Local Intergovernmental Education0.0%
Miscellaneous Commercial Activity Not Elsewhere Classified Charges0.0%
Public Utility License Tax0.0%
Royalties0.0%
Water Transportation & Terminal Charges0.0%
Amusement License Tax0.0%
Toll Highway Charges0.0%
Severance Tax0.0%
Workers Compensation - Interest Earnings0.0%

2023 Revenue Breakdown

Individual Income Tax22.9%
Federal Intergovernmental Public Welfare19.1%
Total General Sales Taxes14.4%
Corporation Net Income Tax9.1%
Other Selective Sales Taxes4.8%
Federal Intergovernmental Health & Hospitals4.1%
Higher Education Tuition Charges3.0%
Federal Intergovernmental Education2.9%
Federal Intergovernmental Other1.9%
Hospital Charges1.9%
Federal Intergovernmental Highways1.8%
Unemployment - Contribution1.6%
Net Lottery Revenue1.3%
All Other Not Elsewhere Classified Charges1.1%
Interest Earnings1.0%
Motor Fuels Sales Tax1.0%
Miscellaneous General Revenue Not Elsewhere Classified1.0%
Higher Education Auxiliary Charges0.8%
Tobacco Sales Tax0.7%
Public Utilities Tax0.7%
Insurance Premium Tax0.7%
Documentary & Stock Transfer Tax0.7%
Motor Vehicle License0.6%
Death & Gift Tax0.6%
Federal Intergovernmental Housing & Community Development0.4%
Fines & Forfeits0.3%
Donations From Private Sources0.3%
Alcoholic Beverage Sales Tax0.2%
Federal Intergovernmental Other Natural Resources0.1%
Motor Vehicle Operators License0.1%
Natural Resources Not Elsewhere Classified Charges0.1%
Amusement Tax0.1%
Transit Utilities Revenue0.1%
Parks & Recreation Charges0.1%
Corporation License Tax0.1%
Air Transportation Charges0.1%
Federal Intergovernmental Employment Security Administration0.1%
Workers Compensation - Other Contributions0.1%
Solid Waste Charges0.1%
Local Intergovernmental Other0.0%
Regular Highway Charges0.0%
Occupation & Business License Not Elsewhere Classified0.0%
Housing & Community Development Charges0.0%
Alcoholic Beverage License Tax0.0%
Education Other State Charges Not Elsewhere Classified0.0%
Parking Facilities Charges0.0%
Hunting & Fishing License0.0%
Other License Tax0.0%
Royalties0.0%
Federal Intergovernmental Sewerage0.0%
Workers Compensation - Interest Earnings0.0%
Sale of Property0.0%
Local Intergovernmental Education0.0%
Miscellaneous Commercial Activity Not Elsewhere Classified Charges0.0%
Public Utility License Tax0.0%
Unemployment - Interest Revenue0.0%
Taxes Not Elsewhere Classified0.0%
Toll Highway Charges0.0%
Federal Intergovernmental Air Transportation0.0%
Amusement License Tax0.0%

Key Insights

  1. 1Total revenue increased by 47.5% from 2012 to 2023, representing a significant change in the state's financial position.
  2. 2Population changed by 0.3%, while per-capita revenue changed by 47.0%.
  3. 3The state's fund balances decreased by 100%, suggesting financial challenges or major capital expenditures.
  4. 4Revenue has been relatively stable (avg. fluctuation ~4.6%).
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State Expense Analysis (Connecticut: 2012 - 2023)

Total Expenditure Trends

Operating Expenditures▲ 116%
$9,429,276,000→$20,377,190,000
Per Capita Spending▲ 115%
$2,623→$5,652

Population Trends

Population Change▲ 0.3%
3,594,362 (2012)→3,605,597 (2023)
⚠️ Spending growth significantly outpacing population growth

Public Safety Expenses

Police Protection▲ 33%
$203,479,000 (2012)→$271,202,000 (2023)
Fire Protection▼ 0%
$0 (2012)→$0 (2023)

Infrastructure Expenses

Highways Maintenance▲ 31%
$576,908,000 (2012)→$754,657,000 (2023)
Sewerage Operations▼ 0%
$0 (2012)→$0 (2023)

Administrative Expenses

Financial Administration▲ 84%
$369,130,000 (2012)→$679,743,000 (2023)
General Expenses▲ 665%
$568,587,000 (2012)→$4,347,040,000 (2023)

Connecticut Key Insights

  1. 1Per capita expenditures grew by 115%, indicating substantial service expansion or cost increases not explained by population growth alone
  2. 2General expenses increased dramatically by 665%, which may indicate classification changes, new initiatives, or reporting adjustments
  3. 3Financial Administration was the fastest growing major expense category at 84% increase
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State Debt Analysis (2012-2023)

Debt Trends

Total Long-Term Debt▲ 67%
$19,456,773,000 (2012)→$32,527,211,000 (2023)
Industrial Revenue Debt▼ 100%
$12,506,905,000 (2012)→$0 (2023)
Per Capita Debt▲ 67%
$5,413 (2012)→$9,021 (2023)

Population Trends

Population Change▲ 0.3%
3,594,362 (2012)→3,605,597 (2023)
⚠️ Per capita debt increased significantly with stable population

Debt Management

Most Recent Year (2023)

Issued:$2,860,134,000
Retired:$3,480,458,000
Net Change:$-620,324,000

Debt Retirement Trend

$2,771,259,000 → $3,480,458,000▲ 26%

Key Insights

  1. 1The sharp increase in unspecified long-term debt suggests major capital projects or financial restructuring.
  2. 2The state's debt burden per resident grew substantially while population remained relatively flat.