State “pessimistic” about finances
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- April
- 25
 Most states are concerned about the poor economy and sluggish revenues, but New York is one of only four states that reported a “pessimistic” view about its financial condition, according to a report released Friday by the National Conference of State Legislatures. The other three are Arizona, Delaware and Washington.  “Whether or not the national economy is in recession is almost beside the point for some states,” said William T. Pound, executive director of the National Conference of State Legislatures. “The fiscal situations have declined so much in some states that they appear to be in a recession.”
  Most budgets for 2007-08 were built on revenue forecasts that are not materializing, so budget gaps have grown, Pound said in a statement. The situation is worse for the 2008-09 fiscal year, he said.
  New York had to close a $4.6 billion budget gap as part of its $121.7 billion budget for the 2008-09 fiscal year, which began April 1. The budget spends 4.9 percent more than last year. However, the spending plan assumes all state agencies, and the State University of New York and City University of New York, will make 3.35 percent in cuts to their budgets.
  Commissioners and the leaders of SUNY and CUNY have until May 16 to submit a plan to Gov. David Paterson on how they plan to make the reductions.
This entry was posted
on Friday, April 25th, 2008 at 10:46 am by Cara Matthews.
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The Associated Press has a story out today with a graph showing all the big budget shortages. California’s shortage is about the size of Guatemala’s GNP.
California and New York are two of those with big problems. They have a few things in common that probably contributed to those big finanical problems.
the unions are killing the state..the cost of pensions
and the deals made over the years are making it impossible
to live here…its driving upper middle class people
to other states where the state income and property
taxes don’t make you live like you belong in a double
wide..not just the fault of the democrats…its the
fault of “albany”..I’ve sold my house and its only
a matter of time before I am out a here…
You are right. Completely right. And both political parties are to blame. If they don’t move to remedy all that now, the state can go under. If it does, it won’t come back. Everyone who can will move out, residents and businesses. I wouldn’t be suprised to see Wall Street move to Jersey or Connecticut at some point. Never? Never say “never.”