FOR RELEASE:

State Comptroller Thomas P. DiNapoli Statement on Updated Financial Plan

The Governor’s Updated Financial Plan confirms the concerns I raised in April when the state budget was adopted. New York has a very real and growing problem, and the state still has not made enough progress toward aligning recurring spending with recurring revenues.

The June cash report my office released last week indicated weaknesses in revenues for the first quarter that were offset by one-time payments and delayed spending. Those weaknesses have not diminished.

The Governor’s update is a caution sign for New York: The state needs to take action.

The Governor and Legislature need to focus on addressing this year’s problems. But they also have to look at the real and difficult choices necessary to solve New York’s bad habit of spending money we simply don’t have.

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