Statement From State Comptroller Thomas P. DiNapoli
on State Fiscal Year End
“The state ended the fiscal year with money in the bank only because of last minute payment delays and budget manipulations. But these actions may cause a serious cash shortfall in the first quarter of the new fiscal year. New York’s fiscal problems persist. This must be a transformative year for New York. We need the Governor and the Legislature to agree on a budget that holds together and doesn’t come unglued. The last thing New Yorkers need is a replay of last year’s buy-time budget.”
DiNapoli noted the General Fund ended the fiscal year with a cash balance of $2.3 billion which is $928.6 million above financial plan projections. This was due primarily to the deferral of certain payments that will be paid next fiscal year. The Tax Stabilization Reserve ended the year at $1 billion and the Rainy Day Reserve closed at $175 million.