Auditors’ Report on DECD Shows Disregard for Monitoring Taxpayer Dollars

Hartford – Senate Republican President Pro Tempore Len Fasano (R-North Haven) released the following statement regarding the Auditors of Public Accounts’ report on the Department of Economic and Community Development (DECD) released today.

“This report should give pause to every lawmaker and constituent in the state. DECD is responsible for handing out hundreds of millions of dollars to companies across the state every year. Yet the agency has shown a disregard for monitoring taxpayer dollars. The department failed to follow internal controls, monitor spending, or make sure excess funds are returned to the state. One of the biggest problems in Connecticut is that the public has completely lost confidence in state government. The failure to properly monitor and manage so much money is sadly what people have come to expect – and exactly what we have to change. It’s disrespectful to the people of Connecticut whose tax dollars are being spent without accountability. If our state is going to be handing out millions of dollars to hedge funds when we can least afford it, at the very least you would hope that money would actually be monitored with care and precision,” said Fasano.

The report found a lack of attention to record keeping, a lack of enforcement of agreement requirements, inadequate administrative controls over projects, and failure to adhere to assistance agreement requirements.

Senate Republicans have proposed three caucus bills this year related to oversight of economic development grants:

• Senate Bill No. 619 An Act Concerning Reporting and Legislative Oversight of the First Five Plus Program
• Senate Bill No. 620 An Act Increasing Legislative Oversight of the First Five Plus Program and the Urban and Industrial Site Reinvestment Program
• Senate Bill No. 624 An Act Extending Whistleblower Protections to Employees of Businesses Receiving Financial Assistance from the state