Saturday, January 2, 2010

State still not quite bankrupt

From 1010WINS:

New York's government finished 2009 with some cash on hand, and Gov. David Paterson said local aid payments he ordered withheld in December should be released in January.

A report from state Comptroller Thomas DiNapoli showed $883 million available at the close of business Thursday. He noted there was a $600 million year-end shortfall in the general fund, the account used to pay for state operations and local assistance, and said that was a first in recent history.

"I would assume that in January, when the revenues come back, I would complete the payments that we delayed to the entities that have been afflicted," Paterson said. "At that point, I will issue a budget that will project what we would think will be the necessary cuts."

The state likely faces a deficit of about $8 billion in the next fiscal year, which begins in April, Paterson said. Some payments may need to be delayed again when major bills come due in March, he said.

1 comment:

Anonymous said...

cut out subsidies and tax breaks to the developers instead of closing hospitals and not building schools.

they will have plenty of money.