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In the most recent year, which ended on June 30, the city had an estimated surplus of $3.2 billion.
The 10-year outlook is likely to be slightly brighter in the forecast the Congressional Budget Office will release this month, because that projection will add the estimated surplus for 2012 and drop the presumed deficit for this year.
Mr. Toussaint, citing an estimated surplus of $1 billion this year, said authority officials "have spent all their waking moments since discovering this surplus trying to find a way to spend it".
"If a contractor is building a house and comes in under budget, he does not get to spend that estimated surplus on marble counter tops or solid gold fixtures.
In testimony this afternoon to the Assembly Appropriations Committee, the State Treasurer, James A. DiEleuterio Jr., said a surge in income tax revenue was the main factor in increasing the estimated surplus.
A TRIGGER mechanism that ties the tax cuts to the actual surplus -- not an estimated surplus based on long-range predictions -- is the only way we can be sure we are voting for fiscally responsible tax cuts," Senator Mary Landrieu, Democrat of Louisiana, said.
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Similarly, base price and quantity values are necessary to estimate surplus calculations.
He said the oversight board's plan estimates surpluses in forgone years for Puerto Rico because the board expects federal disaster relief funds will stimulate the economy.
He said Suffolk ended the 2000 fiscal year with an estimated $77 million surplus, the second-highest general fund surplus in county history.
The Governor has estimated that surplus at around $30‐million to $40‐mil lion, but state Controller Arthur J. Levitt last week said the surplus would reach $100‐mil lion and Could run as high as $200‐million or more.
The balance of payments showed an estimated $5 billion surplus, and the budget deficit was reduced by 5.5% of GDP.
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