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 said that the deficit-reduction plan approved last week by the Legislature and the Governor will leave the state with a remaining deficit of $32.6 million by the end of the fiscal year.

Without the approved deficit-reduction plan, Wyman said, the state would be facing a budget shortfall of about $638 million.

Wyman cautioned, however, that the Legislature's plan calls for projected savings that may be difficult to achieve before the fiscal year ends June 30. The legislature's plan calls for a total of about $320 million in savings based on spending cuts, including an early-retirement program for state workers.

"The bill contains some very aggressive savings targets, especially in the area of early retirement," Wyman said. "I will be closely monitoring the actual savings realized over the coming months."

Wyman said tax increases in the Legislature's plan are expected to bring in $438.5 million in additional revenue this fiscal year. The estimated increases in savings and revenues outlined in the plan are partially offset by budget deficiencies in state agencies totaling about $140 million.

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

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