State Comptroller Thomas P. DiNapoli released a report on New York’s Executive Budget, acknowledging the state’s financial stabilization and reduced budget gaps post-COVID-19 pandemic. However, DiNapoli raised concerns over proposals within the budget that aim to limit the Comptroller’s independent oversight, particularly regarding state bond issuances. He stressed that such oversight is crucial to protect taxpayers from financially burdensome decisions and called for the rejection of these proposals.
The budget anticipates modest economic growth and projects a balanced budget for the State Fiscal Year 2024-25, but forecasts a cumulative $20.1 billion gap through 2027-28. DiNapoli pointed out the risks posed by economic slowdowns, structural imbalances, and the diminishing federal pandemic aid. The report also highlighted the need for prudent management of the state’s reserve funds and cautioned against overreliance on unrestricted reserves.
DiNapoli criticized the budget’s approach to procurement transparency and debt practices, noting exemptions from competitive processes and oversight that could reduce transparency and increase taxpayer burdens. He advocated for comprehensive state debt reform to ensure transparency and accountability, emphasizing the importance of competitive procurement and objective criteria in state spending.
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