Report: NY In Best Financial Condition In Years
New York's comptroller says the state is in a favorable financial position, but relies heavily on borrowing and temporary resources.
Comptroller Thomas DiNapoli released a report Monday showing the fiscal year-end general fund balance of $2.2 billion was $432 million more than projected in February and the state put money in a "rainy day fund" for the first time since 2008.
DiNapoli says the new budget relies on $4.9 billion in temporary state resources and $2.7 billion in federal aid related to Superstorm Sandy and the Affordable Care Act.
The nearly $140 billion budget authorizes $7.6 billion in new debt through public authorities and an increase of 5.4 percent, or $1.1 billion in school aid. There's also $340 million for full-day pre-kindergarten, with $300 million of that going to New York City.
(c) 2014 AP