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 FOR RELEASE:

Immediately
November 2, 2010

 

Comptroller DiNapoli Statement on FY 2010-11
Financial Plan Mid-Year Update



Two weeks ago, I reported that the state budget had once again fallen out of balance due to overly optimistic revenue projections and higher than expected Medicaid spending.  Today’s Mid-Year Update to the state’s Financial Plan underscores that report. The painfully slow economic recovery has not helped.

Last year was a fiscal train wreck.  And now, half way through the state fiscal year, we’re in danger of heading down the same track.

Revenues are up slightly over last year, but the Financial Plan relies on stronger growth.  Medicaid spending continues to grow, and growth is faster than anticipated even two months ago.

The state must address these recurring problems with real reform that changes the way we prepare, negotiate and administer the state budget.  My budget reform proposal provides a plan for getting us out of this fiscal mess and keeping us out.

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