From the Times Union:
New York is on track to run out of cash in June, Gov. David Paterson's top budget official said Friday.
The Paterson administration is also pushing lawmakers to complete the 2010-2011 budget, which was due April 1, with plans to offer weekly rather than biweekly stopgap appropriations to keep the government running.
"Our cash flow problems are unprecedented," state Budget Director Robert Megna said during a news briefing in which he laid out plans to deal with the crisis -- including the possibility of short-term borrowing, a practice that was supposed to have been halted in the early 1990s.
Even though the state's revenue projections are holding up, Megna said they will likely come up $1 billion short in June due to a convergence of bills such as $4 billion that is supposed to go to local school districts.
Additionally, payments for Medicaid providers, state employee payroll and income tax refunds go out during that period.
Sales and income tax revenues for the most recent time period, however, don't arrive in state coffers until later in June.