FOR RELEASE:

DiNapoli Releases State Cash Watch Numbers

State Comptroller Thomas P. DiNapoli today released an update on the state’s cash position. DiNapoli’s office is scheduled to make a $405 million payment to municipalities through the Aid and Incentives for Municipalities (AIM) program. The update is part of DiNapoli’s on-going effort to increase fiscal transparency for the state’s taxpayers.

“The state’s continued cash shortfall is causing problems at every level of government,” DiNapoli said. “The consequences are becoming evident across the state.”

AIM payments, originally scheduled to total $481 million, were reduced to $405 million. This payment includes an across-the-board 10 percent reduction announced Sunday by Governor Paterson. In addition, aid was reduced for 13 municipalities as part of the Deficit Reduction Plan passed by the Legislature on December 2, 2009.

Yesterday, DiNapoli’s office made $1.3 billion in school aid payments. Additional significant payments scheduled for December include: $2.5 billion for School Property Tax Relief Program (STAR), $398 million for welfare reimbursements to counties and $247 million to insurance carriers. 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.

Visit www.osc.state.ny.us for a breakdown of AIM payments made to municipalities.

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