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December 14, 2009

DiNapoli Releases State Cash Watch Numbers

State Comptroller Thomas P. DiNapoli today released an update on the state’s cash position. The updates are part of DiNapoli’s on-going effort to increase fiscal transparency for the state’s taxpayers.

“New York State is facing serious cash flow problems,” DiNapoli said. “The state budget passed last April was a buy-time budget and time has run out. Unfortunately, because the state has continually made false promises and postponed tough spending decisions, the situation may get much worse before it gets better.”

December 14, 2009
State Funds Available Cash  - $2.59 billion*
Pending Payments  - $1.6 billion**
*Amount of cash on hand to pay bills
**Vouchers payable today (Does not include AIM payments)

Local aid payments totaling $1.7 billion are scheduled to be made by the Office of the State Comptroller (OSC) today and tomorrow. School aid payments, which must be legally paid on or before December 15, and Aid and Incentives for Municipalities (AIM) can only be made by OSC after the Division of the Budget issues a certificate of approval. This certification was received by OSC and includes an across-the-board 10 percent reduction that was announced by Governor Paterson on December 13.

The significant aid payments include:

  • $1.3 billion for school aid (scheduled to be paid on December 14)
  • $405 million for AIM (scheduled to be paid on December 15)

Additional significant payments scheduled for December include STAR ($2.5 billion) and Medicaid (which is generally made every Wednesday and averages between $400 and $500 million). STAR payments, along with others, are expected to be reduced by the Division of the Budget by approximately 19 percent.

The State Comptroller’s office processes approximately 130,000 state payments daily. In State Fiscal Year 2008-09, it processed more than 34 million payments totaling approximately $103 billion.

NOTE: These payments are subject to change pursuant to reductions made in the Deficit Reduction Plan passed by the Legislature on December 2, 2009, the Governor’s announcement on December 13, 2009 of a 10 percent reduction in aid payments to local governments and potential further actions by the Governor.

Click here for a breakdown of payments made to specific school districts.


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