Pre-Sandy, No Change To State’s $1 Billion Budget Gap

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The state’s projected budget gap for the next fiscal year stayed steady at $982 million by the end of October, but the impact of Superstorm Sandy on the state’s book remains unclear.

Gov. Andrew Cuomo’s Division of Budget today posted its mid-year financial update on its website today, finding that there weren’t any major changes to next year’s budget gap at the halfway point of the current fiscal year.

But Sandy — which caused an estimated $32 billion in damage in New York, according to Cuomo — hit on Oct. 29, two days before the mid-year point. As such, the Budget Division’s update includes various disclaimers.

“The Storm’s adverse impact on the State’s finances remains highly uncertain and subject to a number of factors, including the scope and timing of federal aid, which are not possible to predict reliably at this time,” the disclaimer reads. “Accordingly, this Mid-Year Update to the Financial Plan does not reflect an assessment of the Storm’s impact on the State’s multi-year financial projections.”

The Budget Division is required to file a mid-year report as part of budget reforms passed several years ago. For the second year in a row, the report was filed late.

Here’s the report:

FY2013Mid-YearReport

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