NY Budget Update Shows Fund Balance

An update from New York's Budget Division shows receipts and spending balancing through the government's current fiscal year with an $1.8 billion balance projected at the end.
 
The report, based on half-year financial results through September, shows general fund receipts expected to total $61.6 billion for the year, down slightly from an earlier projection, balancing with disbursements of $61.5 billion, also slightly lower.
 
Budget officials in the Cuomo administration say the state has controlled spending. They say Gov. Andrew Cuomo will propose a budget for the next fiscal year that starts April 1 and limits annual growth in operating spending to 2 percent, improving its fiscal position.
 
However, the report projects general fund budget gaps of $1.7 billion for fiscal 2015, $2.9 billion the following year and $2.9 billion in 2017.