Last Wednesday, State Comptroller Tom DiNapoli released his report on the 2013-14 Executive Budget. It notes several concerns with the proposal including an increase in the state’s debt burden by borrowing through public authorities; reliance on new, temporary revenues; the possibility that expected federal aid may not materialize; and economic projections that may be too optimistic.
Comptroller DiNapoli said:
“New York’s fiscal challenges are significant for the foreseeable future. In the face of a challenging economy, this budget appropriately restrains spending. However, it includes risks on both the spending and revenue sides of the ledger. It increases our debt burden and relies on temporary actions that will get us through short-term problems but pushes off some hard choices for another day. Clearly the state is facing difficult issues, but provisions of this budget need to be openly discussed by the Legislature so taxpayers know how resources are being used.”