According to the Division of Budget’s updated financial plan, New York State will enter its next fiscal year with a surplus of roughly $1 billion. A majority of that — $650 million – comes via settlements reached by the Department of Financial Services with several major firms.
The financial plan projections for the state’s 2016-17 fiscal year assumes that the Governor will continue to propose, and the Legislature will continue to enact, balanced budgets that limit state spending increases to 2% or less.
The economic news out of Albany is not all good, however. A report from the state comptroller’s office shows that the state’s gross domestic product grew by 2.5% in 2014, but that growth in 2015 is estimated to slow to 1.7%.