State of Connecticut - Office of the State Comptroller - Introduction to The Comptroller's Report

State of Connecticut - Office of the State Comptroller - Introduction to The Comptroller's Report - January 1999

January 25, 1999 Photograph of Nancy S. Wyman, State Comptroller

Dear Fellow Citizens:

As the state's chief fiscal guardian, I am proud to present this issue of The Comptroller's Report: Connecticut's Economic Health. In this annual report we attempt to take a common sense look at the fiscal health of our state and explain our findings in a way that is easily understandable. Many thanks go to the staff of my office for their hard work and dedication on behalf of the people of the State of Connecticut.

This report helps to document a fact of which we are aware - Connecticut's economy continues to grow at a rate consistent with national economic expansion. Thanks in large part to another strong year on Wall Street, our annual revenues came in well above budget expectations, leading to the largest operating surplus in over a decade.

Unfortunately, in spite of our positive fiscal position Connecticut added an additional 70 million dollars in debt for a total indebtedness of 9.3 billion dollars - a scenario akin to using a credit card to purchase groceries when you have a pocket full of cash. As I have said before ... We must get control of our borrowing if we are to protect our state against any future economic downturns. Let's not forget that one of the factors that inhibited growth after the last national recession was our state debt. Since that time, it has only grown.

This report also highlights the need for action and proposes solutions to address the following issues:

Under the current provisions of state law, Generally Accepted Accounting Principles (GAAP) budgeting is scheduled to commence in Fiscal Year 2000. No further delay in implementing an honest state budgeting system is acceptable.
More permanent budget surplus rebate legislation should be enacted to make rebates a continuing part of Connecticut's fiscal landscape.
Expanding health coverage for the uninsured through a partnership with the Federal Government and offering tax incentives for individuals and their employers to purchase Long Term Care Insurance would enhance the economic security of Connecticut's families.

I hope that this document provides helpful information to you and our state's policymakers as we plan together for the twnty first Century. Comptroller's Seal

Sincerely,

Nancy Wyman

State Comptroller

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