Seal of the  State of Connecticut, Office of the State Comptroller

STATE OF CONNECTICUT

NANCY WYMAN
COMPTROLLER

OFFICE OF THE STATE COMPTROLLER
55 ELM STREET
HARTFORD, CONNECTICUT 06106-1775

MARK OJAKIAN
DEPUTY COMPTROLLER
WYMAN PROJECTS BUDGET DEFICIT OF $47.4 MILLION
Contact: Steve Jensen
860-702-3308

State Comptroller Nancy Wyman today estimated that the state will end the 2003 fiscal year with a deficit of $47.4 million.

Without the deficit-reduction plan passed in February by the legislature, Wyman said, the state would be facing a budget shortfall of about $647.7 million when the fiscal year ends June 30.

The legislature's plan is expected to generate about $460 million in additional revenue and about $140 million in savings based on spending cuts.

The Governor's budget office recently predicted a $15 million surplus by the end of the current fiscal year. Wyman noted, however, that the surplus projection assumes about $45 million in personnel savings proposed by the Governor but not enacted by the legislature.

"My estimate does not reflect these hoped-for savings because they have not been approved," Wyman said.

Overall, the state economy continues to show mixed signals, Wyman said.

The state recorded job growth in January for the first time in five months, with an increase of almost 2,000 payroll positions, but unemployment also edged up slightly. Income tax receipts improved modestly in February.

Monthly retail sales for February were down 1.6% from January, but were up 2.6% from February of 2002.

The State Comptroller appreciates input on this and other issues from residents of the state. Please feel free to contact her office by phone - (860) 702-3300; mail - OSC, 55 Elm Street, Hartford, CT 06106; or, via E-mail - osc.opinions@po.state.ct.us

Learn more about the Connecticut Comptroller's Office by calling up our Internet Home Page, at the link below.

For Immediate Release
April 1, 2003

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