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After revenue drop, DiNapoli warns about state spending

Jul 20, 2023 1:21 am

Nick Reisman reports for Spectrum News that on July 17 State Comptroller Tom DiNapoli's office reported the state took in almost $7 billion less in the first quarter of the fiscal year in 2023 then New York received in the same quarter last year. State revenue from personal income taxes fell $7.1 billion in the first fiscal quarter of 2023. Mid-Hudson News reports that DiNapoli has now issued a report warning that the state’s deficit could climb to $36 billion by 2027 if lawmakers don’t change their spending policies. DiNapoli’s deficit report says, “Our position is that you shouldn’t be spending all of those reserves to balance the gaps.... The deteriorating fiscal outlook is rooted in several factors, including anticipated revenue declines from a weakening economy and a volatile stock market, and increases in recurring spending.” DiNapoli also warned that recent weather events will likely cost the state more in rebuilding costs. Read more about this story at Spectrum News.

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