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 $102 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 $102 million.

The projected deficit grew by $1.1 million last month - the smallest monthly increase in the current fiscal year. By comparison, the deficit ballooned by $53 million in April.

Collections of the income tax and sales tax declined moderately due to the state's sluggish economy, Wyman said. But that drop was offset by more than $26 million in anticipated year-end budget savings on health care and salaries.

The $12.7 million in salary savings is tied to the state's early-retirement program, which was taken by nearly approximately 4,650 workers by the close of enrollment last week.

"The early-retirement program should achieve immediate and significant payroll savings," Wyman said. "Whether those savings can be sustained over the long-term, however, remains to be seen."

The state's job picture continues to be stagnant, resulting in a loss of 16,900 jobs in the current fiscal year, which began July 1, 2002 and ends June 30.

Connecticut's housing market also continues to weaken. Existing home sales last month hit the lowest level since early 2001, Wyman said, and building permits for new homes also have been declining since the beginning of 2003.

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
June 2, 2003

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