The Friday before Gov. Cuomo presented his budget address, Comptroller DiNapoli reported that state revenues were falling short of projections by $534 million.
While revenues were higher than last year, the numbers are not performing as expected, which should serve as a warning as we prepare the 2014-15 State Budget.
The governor’s budget proposal didn’t contain many big surprises.
He outlined a few ambitious projects that would require careful budgeting and planning, but with falling revenue projections, I fear that he may be willing to incur additional state debt, which already stands at $57.1 billion, which is a $1.5 billion increase from the year before. Continue reading