Fiscal crisis big topic at business summit

A contingent of business leaders from southeastern Connecticut brought their pro-growth message to legislators on Wednesday as part of a statewide "business day" summit.

The Chamber of Commerce of Eastern Connecticut chartered an early-morning bus to head to Hartford for the Connecticut Business & Industry Association's Connecticut Business Day event, which attracted about 500 small-business owners, corporate officials and other professionals to the state's Legislative Office Building for packed meetings with legislators.

Tony Sheridan, president and chief executive officer of the Waterford-based regional chamber, said local business leaders wanted to impress upon legislators the need to jump-start the ailing Connecticut economy as well as thank those legislators who've pushed for pro-business legislation.

"This is democracy, folks," Sheridan said as the contingent headed to Hartford. Once there, the businessmen and women fanned out for a series of meetings in the state office building ranging from small-business and labor legislation to updates on the state's budgetary woes.

Gov. M. Jodi Rell also addressed the gathering, renewing her call for a special commission to examine restructuring the state's government and cutting spending because current revenues can't support the spending side of the ledger.

State Comptroller Nancy Wyman said the state is looking at an estimated shortfall of more than $500 million in the current fiscal year budget and reported a host of gloomy numbers, including declines in payroll and sales taxes along with continued job losses. "There are no magic bullets to solve the problem," she said.

Peter Gioia, a vice president and economist with the Connecticut Business & Industry Association, said the state's ballooning budget deficits could reach $3.8 billion in fiscal year 2012. "This is a real, real serious fiscal crisis," Gioia told those attending the business summit.

He supported Rell's call for a restructuring of state government, saying that large-scale spending cuts are needed to make any serious inroads on the growing budgetary shortfalls.

Tricia Cunningham, president of the Greater Mystic Chamber of Commerce, said the business summit was helpful for legislators because it gave them a chance to hear directly from businessmen and -women in their districts, especially those running small businesses.

She said small-business owners in her chamber are "absolutely worried" about the state's current fiscal condition.

Herbert Cummings, a deputy director with Groton Utilities and the chairman of the Mystic area chamber, said small business is the backbone of southeastern Connecticut's economy and an important customer base for the public utility.

He said many smaller businesses have been impacted by this lingering recession and the sooner the state can shore up its own finances, the better the chances for a recovery. Cummings said he was hopeful that events like Connecticut Business Day would improve the lines of communication between businesses across Connecticut and state legislators. "Our local politicians (in the legislature) have given us great support" for pro-business legislation, he added.

a.cronin@theday.com