Last week, State Comptroller Tom DiNapoli released a report on the state’s 2014-15 Financial Plan, which finds that “the state’s fiscal condition is the best it has been in years.” The Comptroller estimates that projected out-year gaps for the state’s 2015-16, 2016-17 and 2017-18 fiscal years average $2.5 billion annually, much lower than the levels of five and ten years ago.
Comptroller DiNapoli said:
“New York has made significant budgetary improvements since the Great Recession to put it on solid financial footing, and the result is that the state’s fiscal condition is the best it has been in years. Still, some budgetary challenges persist. The SFY 2014-15 budget limits spending growth and holds future budget gaps to manageable levels, but efforts to keep spending in line with revenues must continue along with addressing our debt burden.”
It’s good see that our work over the past few years has borne fruit, and Albany has begun to return to some degree of fiscal sanity. Our goal is to make sure that our state government remains on the right track in 2015 and beyond.