New York State rated “F” for financial practices

PHOTO/AP

ALBANY, N.Y. (AP) – A new report from a fiscal watchdog group is slamming New York State’s financial practices.

The Chicago-based group Truth in Accounting gives the state a grade of “F” in its new 50-state analysis of government spending and budgeting.

Specifically, the report’s authors faulted New York for its relatively high pension and health care obligations, as well as its high tax burden.

California, New Jersey, Illinois and Massachusetts earned similarly low scores from the group.

The complete report will be published on Tuesday. Its findings were reported first by The Associated Press.