State's cash cushion "evaporates": DiNapoli

Wednesday, August 17, 2011 - 11:00 AM

  (Courtesy of the Comptroller's office)

Don't say he didn't warn us: Comptroller Thomas DiNapoli today released his monthly report on the state's finances and the news wasn't good. The state pulled in $351.5 million less than expected, essentially negating June's better-than-expected tax receipts.

“New York’s recovering economy is struggling to reach cruising altitude, and the turbulence from volatile financial markets, a lackluster job market, a struggling housing sector, and political brinksmanship in Washington is creating additional drag,” DiNapoli said in a statement.  “Each of these factors could impact results through the remainder of the fiscal year. We have to remain vigilant to keep our finances on track.  Our fiscal margins are very tight, and we could go off course very quickly.”

The state's General Fund ended July with a balance of $1.9 billion, just $9.4 million higher than projections. The state is pulling in 8.4 percent more than it did this time last year, according to the report.


More in:

Leave a Comment

Email addresses are required but never displayed.

Get the WNYC Morning Brief in your inbox.
We'll send you our top 5 stories every day, plus breaking news and weather.


"The Capitol Pressroom" with Susan Arbetter at 11 am

For show archives, please visit The Capitol Bureau's website here.

About The Empire

Everything you need to know about New York politics and governance. We aim for a ground-up approach to politics, reverse engineered to make the effect just as important as the players and the game they play. From the Long Island to The Thousand Islands, New York City Hall to the Capitol Building, The Empire's got you covered.

Check out WNYC's 2013 Mayor Tracker--the one-stop shop for info about the candidates, issues and trends in the upcoming New York City mayoral election.


Our Reporters


Supported by