From Capital New York:New York finished November nearly $590 million behind its projections, according to a monthly cash report issued by state Comptroller Tom DiNapoli.
The shortfall is mostly the result of lower-than-expected income tax revenues and expected payments from the federal government that have not materialized. The report also showed New York benefited from an unexpected $203.4 million in payments from Native American tribes who settled with the state to prevent the authorization of new casinos near their existing gambling operations.
Still, the report found that all state funds were $589.8 million behind projections, while the general fund—which by law must be balanced when the the fiscal year ends in late March—was $456.7 million ahead of projections in the state's November update to its financial plan.
Officials at Governor Andrew Cuomo's budget division said the cash reports represent only a snapshot, that has little long-term meaning. Cuomo has been speaking about a suite of tax cuts in next year's budget but it's unclear exactly where the state will find the resources necessary to pay for it.
1 comment:
this governor is leading the state to ruin,
raise the damn taxes on the damned rich.
Its hysterical that these bastards are willing to invest and hedge their bets on people not keeping up with their mortgages on their homes across the nation,but won't invest in the state they live in by paying a minor percentage more.
And that coward Cuomo continues to pander to these disaster capitalists.they are professional shittalkers,call their bluff,blow off their threats that they will abandon the state.
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