The city of Poughkeepsie is facing an $11 million deficit in its general fund brought on, according to New York State Comptroller Thomas DiNapoli, by unrealistic budgeting by city officials—including overestimating revenues. DiNapoli, in a new audit, says Poughkeepsie’s debt burden has gone up 45 percent over the past five years as its financial condition deteriorates.
Industrial development agencies across New York granted $1.5 billion in tax breaks to companies that promised to expand, and create new jobs, in 2011. In a new audit, state comptroller Thomas DiNapoli says the IDA’s, which operate at the local and country level, have improved their overall performance but some say there are still reasons to be concerned.
The New York state Comptroller kicked off a week-long forum at SUNY’s Rockefeller Institute to examine the plight of economically stressed local governments and school districts across the New York.
Comptroller Tom DiNapoli says the “new normal” for schools and local governments around the state is prolonged fiscal stress. He says a combination of rising health care and pension costs, reduced state aide, and two-year-old property tax cap have put the squeeze on municipalities.
New York Governor Andrew Cuomo is on a statewide tour to promote the newly passed state budget, saying it shows that the state is functional again. But not everyone is completely convinced.
Governor Cuomo has been touring major upstate regions, promoting the passage of the third on time or early budget in a row. In Buffalo, he held up a hockey puck as a prop, comparing the achievement to hockey’s “hat trick”.
General Electric has agreed to analyze its potential liability in relation to recently-discovered PCBs in the upper Hudson River. GE will soon resume its remediation of PCBs it discharged into the Hudson decades ago, and at least one environmental group hopes the company will incorporate the additional dredging this year.
As New York State officials and legislators pore over Governor Andrew Cuomo’s proposed budget, State Comptroller Thomas DiNapoli today released his office’s estimate of Wall Street bonuses. He says the annual forecast is in line with state and New York City budget expectations.
Cash bonuses paid to New York City securities-industry employees are forecast to rise by 8 percent, to $20 billion, for last year, driven, in part, by bonuses deferred from prior years. That’s according to DiNapoli.
ALBANY, N.Y. (AP) — New York state's comptroller says there are some big question marks in Gov. Andrew Cuomo's budget proposal. Comptroller Thomas DiNapoli says it would increase debt, rely on one-shot revenues, and includes overly optimistic projections of tax revenues.
DiNapoli did credit the budget as a move toward long-term fiscal balance.
Cuomo's $143 billion proposal is boosted by anticipated federal disaster aid. The current budget is $134 billion.
DiNapoli criticized the 2013-14 spending plan for relying on $1.4 billion in temporary revenue.
There’s a new system ready to be put in place in New York State to help identify local governments and school districts under financial strain. The idea is to flag financial problems before they spiral into a crisis.
The New York State Comptroller’s office has finalized plans to implement a statewide fiscal monitoring system to identify local governments and school districts under or nearing financial stress, by classifying their fiscal conditions. Brian Butry is a spokesman for State Comptroller Thomas DiNapoli.