Senator McKinney’s Statement on New State Deficit Numbers

Hartford, CT – The legislature’s non-partisan Office of Fiscal Analysis (OFA) is reporting a $2.3 billion deficit over the two year period following Governor Malloy’s four year term in office (FY16, FY17). While OFA projects a modest surplus of $8.4 million in FY15, OFA is also reporting that the budget is projected to exceed the state spending cap in each fiscal year for the foreseeable future.

The governor’s partisan Office of Policy and Management (OPM) is reporting a $1.04 billion deficit over the two year period following Governor Malloy’s four year term in office (FY16, FY17) and a $35.1 million surplus in FY15.

The discrepancies between OFA’s and OPM’s numbers are largely due to a new accounting method used by the Malloy administration. For the first time since Governor Malloy was elected (and the first time in recent history, if ever) OPM is not using current services estimates in their calculations.

State Senate Republican Leader John McKinney (R-Fairfield) released the following statement in response to the new deficit figures:

“For three years, Governor Malloy has calculated state deficits using current services estimates. Now, as he approaches an election year, he has chosen a different accounting method in order to show a rosier picture. The problem is, even accounting gimmicks can’t cover up the governor’s fiscal mess. Even after imposing the largest tax increase in state history, the governor has managed to accumulate billions of dollars in out-year deficits without presenting any reasonable solutions to balance the books. The governor has run out of gimmicks and shown no appetite to reduce state spending. Taxpayers beware.”