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State Comptroller warns of 'fiscal challenges' ahead

Jul 03, 2018 7:00 am
David Lombardo and Rachel Silberstein are reporting for Capitol Confidential State Comptroller Thomas P. DiNapoli is warning of fiscal challenges ahead in a report on the enacted budget financial and capital spending plans. “The state ended the last year with the largest General Fund balance in recent years, but continues to face real fiscal challenges,” DiNapoli said in a statement. “New York’s growing out-year gaps, shrinking debt capacity and the lingering threat of federal funding cuts cloud the horizon. Yet, there are no plans to add to our reserves, leaving the state with little cushion in the event of an economic downturn.” DiNapoli said that efforts to change federal funding for health care represent a budgetary risk for New York. More than two-thirds of federal funds for New York go to local assistance Medicaid payments. The report also highlights an increase in spending taken off budget, a projected decrease in spending on capital projects and a reliance on temporary funding sources. Read the full story at Capitol Confidential.
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