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

Posted By Jon Campbell On November 28, 2012 @ 5:24 pm In Uncategorized | Comments Disabled

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 [1] in a row, the report was filed late [2].

Here’s the report:

FY2013Mid-YearReport [3]


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URL to article: http://polhudson.lohudblogs.com/2012/11/28/pre-sandy-no-change-to-states-1-billion-budget-gap/

URLs in this post:

[1] the second year: http://polhudson.lohudblogs.com/2011/11/07/%E2%80%9Cquick-start%E2%80%9D-budget-process-isnt-moving-fast/

[2] the report was filed late: http://www.nytorch.com/?p=6822

[3] FY2013Mid-YearReport: http://www.scribd.com/doc/114806772/FY2013Mid-YearReport