Conversion to GAAP-based Budgeting
In order to improve the state’s accountability for its use of public funds, Governor Malloy’s first act upon taking office was to issue Executive Order No. 1. The Executive Order directed the Secretary of the Office of Policy and Management (OPM) to initiate a process intended to result in the implementation of Generally Accepted Accounting Principles (GAAP), as prescribed by the Governmental Accounting Standards Board (GASB).
In accordance with one of the provisions of Executive Order No. 1, a workgroup comprised of representatives from OPM, the State Comptroller’s Office, the State Treasurer’s Office, the Office of Fiscal Analysis and the Auditors of Public Accounts was established to assist in developing and providing feedback on the State’s plan to convert to GAAP-based budgeting.