FOR IMMEDIATE RELEASE TUESDAY, APRIL 24, 2018
Contact: Tara Downes
COMPTROLLER LEMBO SAYS, FOLLOWING YEARS-LONG FIGHT FOR ECONOMIC DEVELOPMENT TRANSPARENCY, AUDITORS' REPORT PROVES NEED FOR ACCURATE INDEPENDENT ASSESSMENT
State Comptroller Kevin Lembo said a report issued today by the Auditors of Public Accounts demonstrates the overdue demand for an accurate and independent review of the hundreds of millions of dollars invested every year in economic incentive programs.
Lembo, up against strong opposition over the years, including a veto by the governor, fought for legislation - finally adopted last year - that now provides for independent analysis by state auditors of state economic investment programs. The Auditors' first report was issued today.
"Today's report finally gives the legislature independent and actionable information so that Connecticut can make informed decisions about its economic future. Connecticut provides hundreds of millions of dollars in economic incentive programs to businesses every year with the hope that it will grow the economy and create jobs - but has failed to independently and accurately analyze which ones are working and which ones are not. For more than five years, up against vetoes and fierce opposition, I fought for this stronger oversight to ensure that scarce state resources are focused on only the most effective economic development and job-growth programs. Connecticut can only realize its great economic potential if it adopts best practices - beginning with an accurate analysis of the success and failures of its economic development programs."