A new report released by New York State Comptroller Thomas DiNapoli is looking at the economic and fiscal issues driving up the Division of the Budget’s projected budget gaps to a combined $36.4 billion over the next four years.
Some of the culprits in the matter include lower projected revenue from a weaker economic forecast, stock market uncertainty, and recurring spending increases. Comptroller DiNapoli says New York’s fiscal outlook has changed considerably over the past year, and significant economic risks, and significant economic and fiscal risks could further upend the state’s finances.
DiNapoli adds the Department of Budget’s large budget gap projections highlight the importance of building up rainy day reserves and creating criteria for their usage.
