DiNapoli Releases Executive Budget Report
New York state's fiscal condition has improved, but the state may face increasing budgetary challenges in coming years as revenue growth is expected to slow and billion of dollars in settlement money is spent.
That's according to an analysis of Governor Cuomo's proposed $145.6 billion budget released by State Comptroller Thomas DiNapoli.
The report, prepared each year following the release of the Executive Budget, provides information to assist in the evaluation of the 2016-17 proposal.
“The state's fiscal position is much improved because of actions by the Governor and the Legislature, legal settlements and robust tax revenues this year,” DiNapoli said. “Yet structural budget challenges remain, and we cannot count on extraordinary one-time windfalls to pay our bills down the road.
DiNapoli's report also finds New York state will continue to rely heavily on debt and bear the weight of billions of dollars in borrowing over the next few years.
You can read the full report on the comptroller's website.