“This report shows that Connecticut is taking the right steps to improve its overall fiscal stability. We have a transparent and accurate system of fiscal reporting – one that’s enabled Governor Malloy and state legislators to make the kind of sound decisions that turned a $3.4 billion deficit into a $500 million surplus, added 40,000 jobs and slashed long-term obligations by over $11 billion. There is no question that we have more work to do, but the decisions we are making today ensure that we are on sound fiscal footing now and into the future.”
The report, “Budgeting for the Future: Fiscal Planning Tools Can Show the Way”, ranks each state according to the degree to which they use ten specific planning tools. On a scale of 1-10. Connecticut came out best, with a score of 8.5. The ten tools cited in the report are necessary, the report says, to budget wisely for the future. The broad categories are:
• A map for the future: The budget and accompanying documents should include a detailed roadmap of the budget’s immediate and future impacts on the state’s fiscal health.
• Professional and credible estimates: Standards and sufficient oversight are needed to guarantee that these analyses of the budget’s impacts are professional, credible, and prepared without political influence.
• Ways to stay on course: Mechanisms should be in place to trigger any needed changes during the budget year, before too much damage is done.
In a press release with the report, Nicholas Johnson, Vice President for State Fiscal Policy at the CBPP and a report co-author said “Laying out a clear roadmap of the budget’s implications can help build a stronger state economy in both the short and long run”.