July 30, 2013
State Comptroller Thomas DiNapoli warned that the state continues to face long-term budget shortages. In a report released today, DiNapoli warned of a looming shortfall of $6 billion if the economy remains slow and temporary taxes are allowed to expire.
He predicted shortfalls of $2 billion next year and $2.9 billion the following year. DiNapoli added that the state has come a long way since 2009 when it faced a $17 billion budget gap but said the state cannot continue to cover recurring expenses with temporary revenue.