Letter: Faults Malloy, Fawcett on budget reform
Published 10:02 am, Wednesday, November 30, 2011
One of Gov. Malloy's big campaign promises was to go cold turkey on the state budget process and adopt GAAP, or Generally Accepted Accounting Principles.
In January, state Rep Kim Fawcett told an audience at the downtown library that everything on GAAP was in the works for this budget year, too. That meant that -- as every honest, private entity in Connecticut must do -- state government would only count revenues and expenses when they were received or incurred and stop playing Enron-type budget tricks. That meant the state would immediately acknowledge the accumulated GAAP deficit from the long-standing, Enron-type budgeting -- which today amounts to $1.5 billion -- and stop spending, gifting and borrowing beyond its means.
Like so many of Malloy promises which I doubt he ever intended to keep, the governor quickly and quietly backed off of the cold-turkey promise. This month Malloy's budget officer announced he would put a whopping $75 million toward the $1.5 billion deficit if he is lucky.
Malloy just had too many giveaways he had to take care of, such as the $290 million for the not-for-profit Jackson Laboratory deal touted recently by Fawcett. Closer to home was the second state bailout of $3 million (on top of the original $15.6 million 2010 bailout) for the Fairfield Metro Center train station. This Malloy political favor for then-first selectman candidate Mike Tetreau also was backed by Fawcett.
And if you bought into Fawcett's recent linguistic jingo that Malloy's Jackson Lab deal is a good one, just consider the comment by one Florida state legislator after hearing about the Connecticut deal: "I feel sorry for the people of Connecticut." For two years, Jackson had tried to get the state of Florida, along with the people of Collier County there, to pay for the expansion of their not-for-profit business. But after two years of trying, Jackson went packing. Connecticut proved to be the big sucker on this deal.
I, too, feel sorry for the people of Connecticut. The time for both Fawcett and Malloy to go won't come soon enough for me