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Comptroller warns of long term NY fiscal concerns
ALBANY, N.Y. (AP) - New York state Comptroller Thomas DiNapoli is sending an early warning that state government's long-term finances rely on one-shot revenue raisers and some temporary tax increases and that the 2014 election year budget will appear better because of some sleight of hand.
Tuesday's fiscal year report shows the state's short-term outlook has clearly improved under Gov. Andrew Cuomo and the Legislature.
But DiNapoli warns projected $2 billion deficits in coming years could balloon to $6 billion. He says the election year budget will appear better because of some 2014 payments made this year.
Cuomo budget spokesman Morris Peters says the governor has eliminated billions of dollars in deficits he inherited and the state is on "solid footing" as a result of his reforms.