Comptroller Scanlon Publishes First-Ever Annual Loss Report
Report outlines state property or assets that were lost in Fiscal Year 2023
(HARTFORD, CT) – Comptroller Sean Scanlon today announced the first publication of the Office of the State Comptroller’s (OSC) Annual Loss Report. Comptroller Scanlon instituted the annual report to bring greater transparency and understanding of lost state government property, as well as to reinforce and improve reporting standards within state agencies.
“Every single item that is lost or stolen from the state was purchased with hard-earned taxpayer dollars and must be accounted for in some way,” said Comptroller Scanlon. “As Connecticut’s fiscal watchdog, I’m always looking for ways to protect taxpayer dollars and bring more transparency to state government. By publishing this report and working to improve internal procedures, we can crack down on loss and ultimately reduce it in the future.”
State agencies are statutorily required to report to the OSC illegal, irregular, unsafe handling, or breakdowns in the safekeeping of state funds and property. As agencies experience lost or damaged assets throughout the fiscal year, they must submit a specific form to the OSC.
Comptroller Scanlon added, “Our state agencies make strong efforts to track and recoup losses, and this report is not intended to suggest otherwise. This report is, however, intended to ensure that each agency is aware of their total annual losses and that, through greater awareness, we can be more diligent and improve our internal procedures to enhance recovery.”
During fiscal year (FY) 2023, state agencies reported asset losses totaling $4.9 million in “original cost,” which refers to the cost of the assets at the time they were purchased. When adjusted to reflect the value of these assets at the time of loss, the actual loss to the state in FY 2023 was $1.3 million.
Comptroller Scanlon has notified state agency leaders of their FY 2023 aggregate losses. The OSC will work with state agencies to ensure loss forms are completed sufficiently and updated as needed, should new information arise. Proper recording will lead to increased accuracy in determining the fiscal impact to the state.
The full report can be found here.
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