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 her estimate of an $84.8 million budget deficit remained unchanged in the past month, due to offsetting trends in revenues and spending.

Although income tax revenue projections jumped by about $60 million, Wyman said, those gains were negated by continued job losses and higher-than-expected government expenditures.

Wyman's $84.8 million deficit projection is more than double the $41.1 million estimate made by the Governor's budget office late last month. Both estimates are based on an overall state budget of about $13.5 billion for fiscal 2004, which ends June 30.

"I am not convinced that the recent spike in income tax receipts will be reflected in the second half of the fiscal year," Wyman said. "I also believe that higher spending will fully offset this month's revenue gains."

Wyman said she is especially apprehensive about the state's employment picture. Connecticut lost about 1,100 jobs in December, bringing the total job loss for the fiscal year to more than 9,000.

Wyman also noted that the jump in income tax receipts last month was mitigated by more than $66 million in spending over budget this fiscal year.

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
February 2, 2004

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