Each New York taxpayer’s financial burden equals $13,700. Read report here: 2009 New York Financial State of the State Share and Enjoy:
Wall St. Journal, April 26, 2011 By JEANNETTE NEUMANN And MICHAEL CORKERY The funding gaps at some state pension plans widened in fiscal 2010, though strong investment returns prevented the situation from deteriorating even more, according to a new study by the Pew Center on the States. On average, state pension plans had 75% of [...]
(Wall St. Journal) In April, the New York State Comptroller, Thomas DiNapoli, issued a damning report on the Empire State’s financial practices. Albany’s budgets, he observed, increasingly employ “fiscal manipulations” to present a “distorted view of the State’s finances.” Money shuffled among accounts to hide deficits, loans made by the state to itself, and other maneuvers [...]
(PublicBroadcasting.net) A second day of a special legislative session in Albany produced nothing, and lawmakers are heading home, at least for a long weekend, as differences over a bill to give SUNY and CUNY more financial autonomy continues to hold up final passage of the budget. The gridlock in the State Senate that has already [...]
(Buffalo News) On a day replete with mixed signals, eight aides of Gov. David A. Paterson lugged stacks of veto messages Wednesday into Assembly and State Senate offices. Hours earlier, Paterson’s top aide approved the hiring of a new boss for a state-owned off- track betting corporation — at a salary of $125,000 per month. The [...]
(New York Post) If state lawmakers think today’s vote on slashing hundreds of millions of dollars in health-care spending from the state budget is a tough one, wait until next Monday. It’ll only get worse. That’s the message from Gov. Paterson’s emboldened administration, which is vowing to escalate its new and unprecedented tactic of putting major [...]
New York state legislators are rejecting Gov. David Paterson’s demands and refusing to vote on his budget proposal. The state Assembly will not vote on Paterson’s budget today, said Assembly Majority Leader Ron Canestrari (D-Cohoes). The Assembly will hold session today, and then adjourn until May 3, as scheduled. When asked if Paterson’s demanded budget [...]
(The New York Times) Pop quiz: How big, really, is the state’s budget deficit? The state budget office, along with the finance staff at the State Senate and Assembly, puts the number at north of $9 billion, give or take a few hundred million. State Comptroller Thomas P. DiNapoli has an even more disturbing answer: Nobody really knows. [...]
(wcbstv.com) For hundreds of thousands of New Yorkers, the check won’t be in the mail — at least not on time. New York State has stopped paying tax refunds and won’t start again until next month. The tax refund delay is part of a bigger cash crunch. Message to New Yorkers: don’t start spending your [...]
New York Comptroller’s website: http://www.osc.state.ny.us/ New York’s Comprehensive Annual Financial Reports can be found at: http://www.osc.state.ny.us/finance/ New York is required to pass a “balanced budget”. Article 7, Section 2 of the Constitution states the governor must present a budget of all expenditures, and the revenue sources, including new taxes, to meet those expenditures. Section 54 [...]
