FOR RELEASE:

DiNapoli Releases State Cash Watch Numbers

State’s Cash Resources at All-Time Low

New York State Comptroller Thomas P. DiNapoli today said the state will deplete its cash resources to an all-time low after making a $1.3 billion Medicaid payment and $2.2 billion in STAR and school aid payments tomorrow. The Cash Watch update is part of DiNapoli’s on-going effort to increase fiscal transparency for the state’s taxpayers.

“New York State is barely scraping by in December,” DiNapoli said. “While measures were taken by the Legislature and Governor to get the state through December, the state is literally down to petty cash. New York’s fiscal troubles are far from over.”

On December 30, the state will pay STAR aid payments totaling $1.8 billion. The state is required to make these payments by January 4. As ordered by the Governor, the state Division of the Budget (DOB) issued a certificate of approval to the Comptroller’s office ordering a 19 percent reduction in STAR aid payments.

Other significant payments expected tomorrow, also due by January 4, include general support for public schools of $384.5 million, which is expected to be paid at 100 percent, and month-end Medicaid payments to providers totaling $1.3 billion. This is one of highest Medicaid payments ever made by the state.

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.

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