Results tagged “borrowing”

Yesterday, Lieutenant Governor Richard Ravitch unveiled his NY State fiscal plan, which includes limited borrowing, a change in accounting practices, and creating a board that would review the budget on a quarterly basis. While some lawmakers are unhappy with the ideas proposed, given that NY State is facing a $9 billion deficit—and another $15 billion gap next year—they seem resigned to agree to it. more ›

The New York State Legislature finally passed a budget two weeks ago, which it balanced by taking on extra debt without the approval of voters to fund a 6% increase in spending as revenues continue to shrink. State Comptroller Thomas DiNapoli says New York is heading for trouble, especially since revenue projections are so uncertain and vulnerable to further economic downturn. more ›