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 state ended the 2003 fiscal year with a final budget deficit of $96.7 million.

The shortfall would have been approximately $800 million if not for a series of spending cuts, tax increases and other savings initiatives enacted during the fiscal year, which ended June 30. The remaining $96.7 million deficit will be financed though bonding.

Wyman also said that preliminary figures indicate that the state is facing a budget deficit of about $1.6 million for the fiscal year that ends June 30, 2004. She cautioned that the $1.6 million estimate assumes modest economic growth, as well as ambitious budget savings from the state's early retirement program and changes in state medical programs.

Wyman also noted that the state gained about 3,500 jobs in August, the latest available data, after several months of significant job losses.

"It is my hope that this improved employment picture marks the beginning of an overall improvement in economic activity that will help the state realize its revenue targets," Wyman said.

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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