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October 22, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Economic and Community Development Dept.’s flawed math exposed by state auditors

A preliminary report by state auditors found that the Connecticut Department of Economic and Community Development (DECD) made claims in its 2017 Annual Report that are far removed from reality.

State auditors said in their preliminary audit that DECD provided inaccurate and unsupported information about job creation and tax credits connected to various state initiatives designed to grow or retain jobs. In the report, released Tuesday, the Auditors of Public Accounts said that the DECD’s 2017 Annual Report overstated the number of jobs created and retained, misreported information, failed to collect certain required information, and reported estimates that were off by tens of millions of dollars.

DECD responded to auditors in a conciliatory tone, promising to make “many improvements in securing accurate and timely data and correct formulas for future annual reports.” The agency also said it plans to reissue its 2017 annual report with corrected data.

Senate Republican President Pro Tempore Len Fasano (R-North Haven), a longtime political foe of Gov. Dannel Malloy, issued a blistering statement that called the auditors’ report “disturbing yet indicative of Gov. Malloy’s continued misrepresentation of Connecticut’s economy. The report confirms what everyone already knew, that the governor’s ‘First 50+’ program has not been the success it’s been made out to be and our state has completely failed to accurately monitor the taxpayer money it’s been handing out.

“The governor’s policies have focused on picking winners and losers, and unfortunately it seems like in many regards the biggest loser has been the taxpayer,” Fasano said.