On April 1, 2010, New York State Comptroller Thomas P. DiNapoli issued this statement:
"The state ended the fiscal year with money in the bank only because of last minute payment delays and budget manipulations. But these actions may cause a serious cash shortfall in the first quarter of the new fiscal year. New York's fiscal problems persist. This must be a transformative year for New York. We need the Governor and the Legislature to agree on a budget that holds together and doesn't come unglued. The last thing New Yorkers need is a replay of last year's buy-time budget."
DiNapoli noted the General Fund ended the fiscal year with a cash balance of $2.3 billion which is $928.6 million above financial plan projections. This was due primarily to the deferral of certain payments that will be paid next fiscal year. The Tax Stabilization Reserve ended the year at $1 billion and the Rainy Day Reserve closed at $175 million.
###