January 25, 1999
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 -
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
- 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.
- Nancy Wyman
- State Comptroller
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