The Wall Street Journal reported last week that Cuomo and unions were looking at various private and public pension funds to pay for road and bridge improvements, including a new Tappan Zee Bridge.
A day later, Cuomo said on WGDJ-AM in Albany that he’s considering a variety of funding options: “There are state pension funds. There are city pension funds. There are labor pension funds. There are private-sector equity funds and debt funds.”
But Cuomo said today that public pension funds aren’t being considered.
“Somehow that got mangled to be the state comptroller would be investing pension funds, which is not the case,” Cuomo said.
Cuomo said discussions are with private pension funds controlled by unions that might want to invest in the state’s infrastructure.
Cuomo also he is considering a special session of the Legislature if he and lawmakers could agree on ways to close the current year’s gap. He said the sides have yet to reach an agreement.
“I don’t want to call a special session just for the theater of calling a special session,” Cuomo told reporters in Albany.
Cuomo added that, “We are looking at a number of deficit-reduction initiatives now that we could undertake because there’s no doubt that the numbers are collapsing and the numbers are collapsing quickly.”
The state faces a $350 million mid-year budget gap for the fiscal year that runs until March 31. The state faces at least a $3 billion gap in the following fiscal year.