ALBANY, N.Y. (AP) — New York’s comptroller says state government is in better fiscal shape than it has been for years but could face future budget gaps, depending on unspecified savings and projected tax collection increases.
Comptroller Thomas DiNapoli reviewed the Cuomo administration’s proposed $137.2 billion budget for the fiscal year starting April 1. He says Monday that Gov. Andrew Cuomo and the Legislature deserve credit for closing structural budget gaps that plagued the state for years.
Cuomo wants to keep the spending increase under 2 percent again this year, with savings offsetting proposed tax cuts and funding programs like statewide pre-kindergarten.
His budget projects income tax withholdings rising 5.8 percent.
DiNapoli says risk remains for shortfalls and possible budget gaps of $1.5 billion, $2.2 billion and $3.4 billion the following three years, smaller than years past.