STATE OF CONNECTICUT
NANCY WYMAN COMPTROLLER	OFFICE OF THE STATE COMPTROLLER 55 ELM STREET HARTFORD, CONNECTICUT 06106-1775	MARK OJAKIAN DEPUTY COMPTROLLER

State Comptroller Nancy Wyman today projected that the state will end the 2002 fiscal year with a budget deficit of $95.7 million, and said there are signs that the state's economy may be improving.

Wyman's deficit estimate is $187.8 million less than her October projection, due to the General Assembly's passage of a bill in a special legislative session last month that reduced planned spending by about $200.6 million.

"The quick action taken to address the deficit, combined with some improvement in overall revenues, has brought the deficit back to a manageable level," Wyman said. "I am also encouraged by positive trends in retail sales, jobs and the housing market. These indicators support my cautious optimism that the state could see a modest growth in revenues by next spring."

In her monthly report to the Governor, Wyman noted that:

• Retail sales rose 7.5 percent in October over the same period last fiscal year and are showing signs of strength early in the holiday shopping season
• The rate of job losses slowed in October to about half the level of the previous two months.
• While building permits for new homes declined sharply by 14.5 percent, sales of existing homes continued to match last year's very strong performance.
• Deficiencies related to the terrorist attacks of September 11 rose to about $2 million, mainly in the Department of Public Safety, the Military Department and the Department of Environmental Protection.
• Slot machine receipts at Foxwoods Casino fell in October to $63.2 million -about $6 million less than in September. Revenues at the Mohegan Sun Casino, however, rose about $2 million to a total of $56 million, due to the addition of 529 new machines through this year. The state receives 25 cents of every dollar played on the slots.

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
December 3, 2001

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