Last week, the state Division of Budget (DOB) released the First Quarterly Update to the Enacted Budget Financial Plan. DOB estimates that the state will end the 2015 fiscal year with a large cash-basis surplus due to a series of unbudgeted financial settlements.
“The Executive is developing options for using the surplus prudently, which may include funding onetime capital expenses, bolstering reserves, and reducing debt. DOB expects that a formal plan for use of the windfall, consistent with adherence with the 2 percent spending benchmark, will be proposed no later than the FY 2016 Executive Budget.”
Read the financial plan update here.