NY's general fund almost out of money

[TomClash]

Source: Crain's New York

Following eight straight months of lower-than-expected revenues, New York's dwindling coffer could hit a record-low level by the close of business Wednesday, according to the state comptroller.

After $2.2 billion in property-tax relief and school aid payments and $1.3 billion in Medicaid payments are made today, the state will be “literally down to petty cash,” New York Comptroller Thomas DiNapoli said, in a statement.

“New York state is barely scraping by in December,” he said. “While measures were taken by the Legislature and governor to get the state through December…New York's fiscal troubles are far from over.”

The state started Wednesday with $3.2 billion in cash on hand and, depending on the day's revenue haul, could find its general fund in a negative cash balance for the first time in at least 15 years, according to the comptroller's office. The general fund has never ended a month in negative balance, according to the state Division of the Budget.

Over the past 15 years, December cash-on-hand has typically been two to three times higher than it was at the start of business Wednesday and has been as high as $17 billion, a spokeswoman for Mr. DiNapoli said.

A Division of the Budget spokesman said the agency had predicted the state would “be on razor's edge when it came to December.” He said Gov. David Paterson ordered $750 million in reductions to scheduled December payments to confront the problem.

Read more: http://www.crainsnewyork.com/article/20091230/FREE/912309991

[tblue]

1. Well, you can borrow from my state....ah hell, it's California!

Sorry, dude. I did not realize. They've raised sales taxes here and we're still on a lifeline. We need systemic fixes and economic stimulus instead of, I'm sorry, fricking war!

[mackerel]

2. LMAO

[WriteDown]

3. And NY taxes are still brutal...

Try living on LI and being trapped by tolls. I'm amazed the funds are down this low.