Controller Thomas DiNapoli Warns of Triple Threat' to New York Finances

 

By Glenn Blain 

ALBANY — New York faces a “triple threat” of fiscal woes that threaten to blow a hole in the state’s budget, Controller Thomas DiNapoli warned Tuesday.

DiNapoli’s office reported that state tax collections during the first six months of the fiscal year were $386.6 million below projections and 2.1% below the same period from a year ago.

The declining revenues combined with looming cuts to federal aid and an already-projected budget gap of $4.1 billion for the 2018-19 pose “serious fiscal challenges” to the state in the coming months, DiNapoli said.

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Source: The New York Daily News (via The Empire Report)