Facing $101M Surprise, Connecticut May Consider Deficit Bonds

Piazza, Johanna
May 2003
Bond Buyer;5/5/2003, Vol. 344 Issue 31628, p7
Trade Publication
The article reports that, Connecticut may face the need to issue deficit bonds to cover an impending budget gap before the start of the fiscal year 2003. State Comptroller Nancy Wyman announced that the state will end the 2003 fiscal year on June 1, 2003 with a deficit of 101 million dollars. According to Wyman, the deficit grew by 53.5 million dollars in due to declining tax revenue estimates. Because the deficit cannot carry over into 2004, and Wyman doubts the ability of the governor's office to find additional savings in June 2003, the comptroller believes the state will have to look at issuing deficit bonds.


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