stated since his campaign
that implementing Generally
He did just that in his first executive
order, a move publicly endorsed by
CSCPA that Malloy was sure to recog-
nize in his opening remarks.
that," he said, noting that the state has
always required towns and boards of
education to use GAAP for budgeting
purposes. "In the absence of GAAP,
Connecticut has done some really out-
rageous things and made some com-
mitments that are just unsustainable."
Advisory Council Chair Michael Kraten
moderated the session and reiterated
the Governmental Issues Task Force's
three requests of Malloy following his
election: honest, transparent budget-
ing, the adoption of GAAP, and a long-
term strategic plan for Connecticut.
While the CSCPA applauds the institu-
tion of GAAP, Kraten stated, full accru-
al GAAP more accurately reflects the
fiscal health of the state's government
than the modified accrual GAAP the
state chose to adopt.
the question, acknowledging that he's
a lawyer, not an accountant. "I didn't
create this mess, and we need time to
dig our way out."
decision to seek concessions over
other states have chosen with layoffs
and contribute to the federal unemploy-
ment," he stated. "A lot of people are
looking for blood in the water. I happen
to not be one of them."
ment over several years, as he did
while serving as mayor of Stamford,
lowering the amount of government
positions by eight percent.
criticized by the business community,
he insists that Connecticut is "open for
budgeting] is designed to give the busi-
ness community some faith, as will
lowering electric rates," Malloy said. "I
also put in commissioners who under-
stand the market."
the earned income credit, pensions,
and more, one theme was consistent
Malloy says he is working on fixing
Connecticut's future. While there may
not be "perfect stability" at the moment,
he said, the stability is "increasing."