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 REDUCED BUDGET DEFICIT OF $32.6 MILLION
Contact: Steve Jensen
860-702-3308

State Comptroller Nancy Wyman today said that the deficit-reduction plan approved last week by the Legislature and the Governor will leave the state with a remaining deficit of $32.6 million by the end of the fiscal year.

Without the approved deficit-reduction plan, Wyman said, the state would be facing a budget shortfall of about $638 million.

Wyman cautioned, however, that the Legislature's plan calls for projected savings that may be difficult to achieve before the fiscal year ends June 30. The legislature's plan calls for a total of about $320 million in savings based on spending cuts, including an early-retirement program for state workers.

"The bill contains some very aggressive savings targets, especially in the area of early retirement," Wyman said. "I will be closely monitoring the actual savings realized over the coming months."

Wyman said tax increases in the Legislature's plan are expected to bring in $438.5 million in additional revenue this fiscal year. The estimated increases in savings and revenues outlined in the plan are partially offset by budget deficiencies in state agencies totaling about $140 million.

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
March 3, 2003

Back to Comptroller's Home Page
Back to Index of Comptroller's Press Releases