Partisanship Out, Partnership In (and GAAP too) with Malloy Inauguration

- Kelly Kennedy

With his inauguration today as Connecticut’s 88th governor, Dannel P. Malloy issued a call for partnership across party lines to put Connecticut’s fiscal house in order and get back on the path to prosperity.

CTLCV staff was among the crowds at the inauguration, held at the State Armory, and at the state capitol for a joint session of the new State Senate and House of Representatives. 

Before addressing the legislature, Malloy followed through on one of his biggest campaign promises:  to sign an executive order calling for the State of Connecticut to adopt Generally Accepted Accounting Principles.  Currently, Connecticut’s budget uses a modified cash basis, according to the Executive Order.

The Executive Order requires the Secretary of the Office of Policy and Management to begin to implement GAAP in the budget documents for the fiscal years ending June 30, 2012 and June 30, 2013.

For the full text of Executive Order No. 1, see CT News Junkie at www.ctnewsjunkie.com/upload/EO_1_-_GAAP.PDF.