New York State Comptroller Thomas DiNapoli reported today that the state could face rising budget gaps if the economy doesn’t improve, and the state lets some taxes expire as planned. New York’s five-year fiscal outlook expects budget gaps of $2 billion next year and $2.9 billion in the two years after that, but DiNapolis ays that if the state’s revenue and spending projections aren’t met, those gaps could be as high as $6 billion. Governor Cuomo and state legislators approved a $135 billion budget for the fiscal year which began in April. DiNapoli says that the state’s finances are in better shape than in recent years, but challenges are still faced, especially if some taxes expire in the coming years as planned. The governor’s budget office will reportedly release an updated financial plan later this week, and offered no comment on DiNapoli’s report.
