Welcome to office, Dan Malloy!

Posted on January 5, 2011. Filed under: Uncategorized |

Here we go, Connecticut!

Effective this afternoon, Connecticut has a new governor in Dan Malloy. As we discussed in our Governmental Issues Taskforce meeting this morning, much is unclear right now, as we await his first actions as governor. What will his budget look like? How does he plan to implement GAAP, a cause near and dear to the CSCPA heart and one he’s stated numerous times is important to him as well? One thing is for sure: Malloy has some extremely difficult decisions in front of him.

As MSNBC pointed out, 29 states will be under the leadership of “rookie” governors in the coming weeks, Connecticut included. In a year when the end of the stimulus means nearly $40 billion less in funding. In a year when revenue has not rebounded to pre-recession heights, when joblessness still hovers at frightening levels, when states seem to finally be recognizing that pensions are heavily underfunded.

Not an easy job to step into, by any stretch of the imagination.

Governors “old” and “new” are coming out strong with statements of change.

Massachusetts Governor Deval Patrick, now entering his second term, announced to lawmakers on Jan. 3 that he’d be trimming their salaries $300 “to match the drop in pay experienced by typical Massachusetts households over the past two years.” Small, yes, but it’s a sign of recognition and hopefully of what lies ahead.

New York’s new governor, Andrew Cuomo, started off his term by cutting his own salary by five percent, and senior officials saw their salaries similarly trimmed.

“Change starts at the top and we will lead by example,” Cuomo said.

Dec. 31 saw the New York state workforce reduced by 900 employees, and Cuomo also announced, as expected, a one-year salary freeze for state employees. The wage freeze and taxes were key components to Cuomo’s plan to close a $10 billion budget gap.  

The tone has been set, in the inaugurations that have already unfolded, and Connecticut’s circumstances are certainly no different. We’ll wait to see where we go from here!

Welcome to office, Governor Malloy! We wish you the best of luck, and Connecticut’s CPAs are ready to help you.

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