NEW YORK—Revenue and spending could be more than $1.5 billion off current estimates taken over a three-year forecast, according to a state budget projection report issued by state Comptroller Thomas DiNapoli on Nov. 10.
“Recent state budgets, in addition to being late, were plagued by overly optimistic estimates on the revenue side, unrealistic savings targets on the spending side, and excessive reliance on temporary and nonrecurring revenues,” stated the report.
The eurozone debt crisis, as well as a broader slowdown in the national economy, would negatively affect New York’s economy, the report said. High unemployment, lower Wall Street employment and income, and a slow housing market have affected previous projections.
DiNapoli’s recommendations to address budget shortfalls include more budget transparency, and increasing funds available to areas including education and public assistance.
“Achieving balance will require an ongoing commitment by state leaders to live within our means,” he said.
The report will be updated in the middle of next year.
Friends Read Free