DiNapoli: State’s fiscal outlook improving

New York State’s short-term fiscal outlook has improved, but long-term structural balance remains a challenge, according to a report on the state financial plan released yesterday by State Comptroller Thomas P. DiNapoli.  The Comptroller also released a report on the state’s first quarter fiscal results, finding tax revenue growth has been strong so far, but such gains are likely to moderate in coming months.

“There’s no doubt New York is in a better budget position now than it was a short time ago,” DiNapoli said.

The state’s Enacted Budget Financial Plan, prepared by the state Division of the Budget, projects budget gaps of $2 billion in state fiscal year (SFY) 2014-15 and $2.9 billion in each of the following two years, which are lower than projections from the executive’s earlier proposed budget.

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