Comptroller Releases Final Report on State Fiscal Year 2011-12

On Monday, Comptroller Tom DiNapoli released his final report on the 2011-12 state budget, finding that it effectively closed a spending gap despite weak economic conditions. But he warned that a slow-recovering economy could cause problems in the future.

DiNapoli found that limiting growth in Medicaid and education spending — along with last December’s revisions to the state tax that raised an expected $1.9 billion in annual revenue – “boosted the state’s long-term fiscal outlook and helped it maintain favorable cash-flow conditions during the year.”