No good news from comptroller
-
- April
- 18
Yup, last year really was a bad fiscal year for the state, Comptroller Tom DiNapoli confirmed today.
He issued a report showing revenues at the end of the year (March 31) were $4.1 billion less than projected at the start of the year. Tax collections were $1.1 billion below origainal estimates.
But the state saw it coming, so that by February all of the damage had been factored in. The final figures were $20 million above what was projected then.
He also issued words of warning – that might make Gov. Paterson and lawmakers regret the 4.9 percent spending hike they recently approved for this year, bringing total state spending to about $121.7 billion.
“Our economy is not in good shape,’’ DiNapoli said. “And right now it is hard to predict what is going to happen next month, let alone next year. We have to watch revenue and spending very carefully because we don’t know what’s around the next bend.’‘
This entry was posted
on Friday, April 18th, 2008 at 1:53 pm by Jay Gallagher.
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Jay Gallagher has covered Albany for Gannett News Service since 1984 and has been Albany Bureau chief since 1989. He`s a native of the Boston area and likes to point out that in this millennium, the score is Red Sox 1 championship, the Yankees 0. 
Cara Matthews has been a statehouse correspondent in the Albany Bureau since August 2005. Prior to that, she covered Putnam County government and politics at The Journal News for nearly five years. Before that, she worked at newspapers in Connecticut and covered the state Legislature for one of them. 
