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 $2.4 MILLION BUDGET DEFICIT FOR 2004
Contact: Steve Jensen
860-702-3308

State Comptroller Nancy Wyman today estimated that the state will end the 2004 fiscal year with a budget deficit of $2.4 million.

Wyman said a modestly improved national and state economy has stabilized major state tax revenues. Collections of both the state income tax and sales tax have increased slightly when compared to the same period last fiscal year, even after the tax-rate hikes approved by the General Assembly are factored in.

"National economic growth is a leading indicator of our state's fiscal health," Wyman said. "While it is still early in the fiscal year, I am cautiously optimistic that Connecticut will be able to meet its revenue targets for 2004."

The state ended the 2003 fiscal year on June 30 with a final budget deficit of $96.7 million. The 2003 shortfall would have been approximately $800 million if not for a series of spending cuts, tax increases and other savings initiatives enacted by the General Assembly.

Wyman noted that her current estimate of a $2.3 million deficit for fiscal 2004 assumes the state will achieve about $200 million in budget savings from an employee early-retirement program and changes to some major state medical programs.

Wyman said the state's job picture remains erratic. While the state gained close to 3,000 payroll jobs in August - the first increase in several months - about 2,300 jobs were lost in September.

Wyman's current estimate matches the most recent projection by the Governor's budget office, the Office of Policy and Management.

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
November 3, 2003

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