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State Comptroller Tom DiNapoli says the state is $392 million dollars short of predicted revenue from personal income and business taxes, and he says if the trend keeps up, Governor Cuomo’s budget division may have to adjust its revenue projections downward.
“The weakness that we all know in the economy continues,” DiNapoli said. “That has an impact on state revenues.”
The continued bad economic news comes just a week after the Comptroller issued a report saying that Wall Street is sliding, with 10,000 job reductions expected by the end of next year. And now, major investment banker Goldman Sachs has reported a loss in its third quarter profits, the first since the recession began.
The comptroller finds that overall state spending is a bit lower than projected, largely due to cuts to education aid. DiNapoli believes that overall, the trends mean that the projected structural budget deficit of $2 billion dollars for the next fiscal year, will be even larger.
Governor Cuomo has already said that the deficit could exceed $2 billion dollars. But, after years of annual mid year budget crisis that required special sessions of the legislature, Cuomo has said he sees no need to reopen the budget right now.
The Comptroller agrees, he says the report should serve as a “word of caution, as opposed to an alarm”. He says he’ll have more details on the state’s finances when the new preliminary budget talks begin, next month.