Tags: new york | budget

NY State Budget Still on Financial Cliff Edge

Friday, 10 Sep 2010 09:09 AM

 

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New York state's budget is still tottering "on the edge of a very steep financial cliff," the state comptroller said on Thursday, citing hazards ranging from rising spending to the end of federal aid.

Spending from the General Fund, which counts state tax collections and some fee income but no federal dollars, will climb nearly 47 percent from fiscal 2011 to 2014, far outpacing the 16 percent rise in receipts Comptroller Thomas DiNapoli forecast in a study.

This is one of the main reasons the cumulative budget gap could skyrocket to $37 billion through 2014, said the Democratic comptroller, who stands for election in November.

Like many states, New York's economy was gouged by the recession, and the state also faces potential financial problems that the new governor elected in November might have to solve.

The current $135 billion budget, which began on April 1, was balanced with $3.4 billion of resources that might not materialize or underperform, the comptroller said.

Further, DiNapoli said that the budget includes $16.7 billion of temporary funds, which will fall to just $1.6 billion by 2014. This category includes the economic stimulus aid Congress enacted, temporary taxes, and nonrecurring
funds.


© 2014 Thomson/Reuters. All rights reserved.

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