Earlier today, state Comptroller Tom DiNapoli offered his assessment of the recently enacted 2013-14 state budget. While he commended the Governor and Legislature for enacting the budget in a timely manner for the third consecutive year, he also warned that the state continues to rely too much on temporary sources of revenue and on “backdoor borrowing.”
According to the report:
“New York’s fiscal challenges remain serious. The Office of the State Comptroller’s major concerns regarding the adopted budget include: the significant use of temporary and non-recurring resources, risks to certain assumptions for revenues and savings, and the further expansion of the State’s ability to use public authority borrowing rather than voter-approved debt for capital needs.”
He might have also noted that the budget extends the 18-a energy surcharge, which will cost energy consumers an additional $2.8 billion before it expires. If it is really allowed to expire next time, that is.