New York State Comptroller Thomas DiNapoli says New York is working on a growing budget gap, and it could get suddenly worse depending on how the federal budget shakes out.
DiNapoli says state tax collections were just over $36 billion dollars for the first half of New York’s fiscal year. That’s more than $386 million less than expected. He says tax collections are running about two percent behind last year’s at this point.
DiNapoli says a projected budget gap, weaker than expected tax collections and cuts to federal programs all add up to a triple threat New York needs to prepare for now.