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 $101 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 $101 million.

Wyman said the deficit grew by $53.5 million in the last month due to declining tax revenue estimates. Quarterly and year-end income tax payments to the state in April were below expectations, she said, while refund payments made by the state were higher than anticipated.

"The main reason for the revenue situation is the continued poor performance of the stock market and the overall weak economy," Wyman said.

The state lost about 5,000 jobs in February, Wyman said, bringing the total job loss for the fiscal year to about 15,400. The sales tax is showing virtually no growth, she said, and the housing market appears to be softening.

Wyman's deficit estimate is about $35 million higher than that made recently by the Governor's budget office, the Office of Policy and Management (OPM), which in late March had projected a $15 million surplus.

OPM's current deficit estimate of $66.2 million also includes $33.8 million in anticipated personnel savings proposed by the Governor but not enacted by the legislature. Wyman said her projection does not assume those savings will happen.

"Given the dramatic cutbacks in state agency staffing, I have not determined that this level of savings is attainable," she said.

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
May 1, 2003

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