Connecticut’s Comptroller Sean Scanlon today launched the inaugural Annual Loss Report. This initiative aims to shed light on state government property losses and enhance the reporting standards across state agencies.
“Every single item that is lost or stolen from the state was purchased with hard-earned taxpayer dollars and must be accounted for in some way,” said Scanlon. “As Connecticut’s fiscal watchdog, I’m always looking for ways to protect taxpayer dollars and bring more transparency to state government. By publishing this report and working to improve internal procedures, we can crack down on loss and ultimately reduce it in the future.”
State agencies have a statutory obligation to report any mishandling or discrepancies in the maintenance of state funds and properties to the comptroller’s office. In case of any lost or impaired assets during the fiscal year, a designated form must be submitted to the office for documentation.
“Our state agencies make strong efforts to track and recoup losses, and this report is not intended to suggest otherwise,” Scanlon said. “This report is, however, intended to ensure that each agency is aware of their total annual losses and that, through greater awareness, we can be more diligent and improve our internal procedures to enhance recovery.”
The data for fiscal year 2023 indicates reported asset losses amounting to an “original cost” of $4.9 million, denoting the initial purchase cost of these assets. However, considering the value of these assets at the time they were lost, the real fiscal setback for the state in 2023 stands at $1.3 million.
In light of these findings, Scanlon has briefed state agency heads about their collective losses for FY 2023. The OSC is set to collaborate with these agencies to ensure that loss forms are meticulously filled out and updated if additional details surface. Such meticulous recording is anticipated to augment precision in assessing the financial repercussions for the state.
The report details the types of losses for each agency, including the Connecticut State University System.
