finances

Zack Seward / WXXI

Gov. Andrew Cuomo says he thinks the state can afford a tax cut next year, despite a projected $1 billion budget gap.

Cuomo says he’s been holding down spending during his first three years in office, with an average growth rate of two percent each year, compared to an annual 10 percent increase before he was governor. He says he expects enough money can be freed up to finance some kind of tax reductions during 2014.

“I believe we’re going to have revenue at the end of this year that we can be talking about a tax cut next year,” Cuomo said. “That’s very exciting.”

The city of Detroit’s declaration of bankruptcy has left some in New York wondering whether any upstate cities will be next. State officials say they are trying to help with financial planning guidance, but local governments say more needs to be done.

State Comptroller Tom DiNapoli has created a fiscal stress monitoring system that measures the financial health of New York’s local governments. A preliminary report found two dozen cities, counties and villages are moderately to severely fiscally stressed.

DiNapoli say he hopes they can avoid the fate of Detroit.

New York State's financial overseer is warning Syracuse's finances face "systemic problems."

Ellen Abbott

Onondaga Community College continues to turn over information regarding the SRC Arena, and three other not-for-profit entities, to county lawmakers who requested it last week. The flap over this financial information and its availability to the public is the result of a new world of public/private partnerships.