Last week, the Office of State Comptroller Tom DiNapoli issued his office’s annual report on the state’s financial condition for the fiscal year that ended March 31, 2014.
According to the report, total state spending has increased 3.3% ($4.4 billion) in 2013-14 over the prior year. Since 2010, state spending has grown 8.4%, approximately in line with inflation over the same period. Potential budget gaps continue to exist in future budget years, and the state and its local governments continue to face “real economic challenges.”
Comptroller DiNapoli said:
“Recent budget actions and an economy that continues to strengthen have helped address the state’s structural imbalance, but more progress is needed. Our budget is still dependent on billions of dollars in temporary resources that will have to be replaced down the road. Our cash position and outlook are better than they were just a few short years ago, but until we stop depending on one-time or non-recurring resources, we will not achieve long-term balance.”