Comptroller DiNapoli in a statement Friday afternoon warned state revenue is sagging — making the state budget process all the more difficult for lawmakers and Gov. Andrew Cuomo.
DiNapoli’s office released the January revenue numbers, showing a decline in projected revenue to the state of more than $2 billion.
In a statement, DiNapoli said the state needs to prepare the economy slowing down.
“New York’s revenue picture is increasingly challenged. The final January revenue numbers for the state released by my office today confirm the substantial shortfall the Governor and I announced earlier this month. In addition, the Division of the Budget’s updated financial plan reduces projected tax receipts in the coming years by billions of dollars,” DiNapoli said in a statement.
“Given the unpredictable revenue environment we now face, we should take an extremely cautious approach when negotiating next year’s budget. As one step, I urge the Governor and Legislature to make the prudent financial decision to substantially build up the state’s reserves to help better prepare for an economic downturn.”
Cuomo has blamed the slack revenue on the $10,000 cap on state and local tax deductions. He traveled to Washington this week to discuss the issue with President Donald Trump.
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