Thomas DiNapoli

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With a projected multibillion-dollar deficit and looming federal changes that could cost the state billions more, the biggest obstacle in the upcoming 2018 legislative session will be balancing the state budget.

The second-highest-ranking Republican in the Senate, John DeFrancisco, said the budget will be “horrible” and the worst in at least seven years.

“I think it’s going to be very, very difficult,” DeFrancisco said. “Probably the most difficult budget year the governor has had since he’s been governor.” 

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One of the biggest challenges that Gov. Andrew Cuomo and state lawmakers will face in 2018 is balancing the state’s budget, which already has a structural deficit of more than $4 billion. On top of that, federal changes to taxes and health care could cost the state billions more in lost funding.

State tax revenues are down, contributing to the largest structural budget gap in seven years. State Comptroller Tom DiNapoli estimates the deficit to be about $4.4 billion.

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Wall Street profits are up by one-third over the same period last year, the New York state comptroller said.

Comptroller Tom DiNapoli said the gain of $12.3 billion is good news for New Yorkers with retirement accounts invested in the market, as well as the state’s pension fund.

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New York’s leaders are continuing to struggle with actions in Congress on the federal budget and tax overhaul that could adversely affect the state’s finances. 

Gov. Andrew Cuomo has said it’s possible he’ll call a special session to address potential gaps in the state budget that could total several billion dollars. But he said the uncertainty over what will happen in Washington on health care funding and on major tax changes is making it hard to plan.

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The state’s comptroller is siding with Gov. Andrew Cuomo over concerns that federal health care cuts will damage New York’s budget, but he said the governor’s budget experts should have saved more money in rainy day funds.

Comptroller Tom DiNapoli said Cuomo is right to draw attention to over a billion dollars in potential health care cuts to the state, now that Congress and President Donald Trump have postponed acting on a new federal budget.

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New York could be facing its first major shortfall in several years, partly due to falling tax collections and federal health care and other policy changes. That could leave the state with billions less in state aid.

Lately, Gov. Andrew Cuomo’s been sharing some bad news with New Yorkers. Twice in recent days he’s said there could be a multibillion-dollar shortfall in the budget next year.

The first time was at a briefing on how the state would be affected by potential federal Medicaid cuts. 

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There’s some good news and some bad news from the state comptroller’s office. The state’s nearly $200 billion pension fund is doing well, thanks in part to the booming stock market, but there are some worrisome signs for the future of New York’s finances.

Comptroller Tom DiNapoli said the pension fund is up this quarter by 2.9 percent, and has increased 11.5 percent from last year. DiNapoli said he likes to think that he and his staff have invested wisely, but he said a major factor is the booming stock market.

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The state budget’s been in place for just less than two months, and already there are signs that tax revenues may be significantly lower than expected. Anticipated federal tax reductions later this year may be one of the reasons.

Late on the Friday before the Memorial Day holiday weekend, Gov. Andrew Cuomo’s budget division released its financial analysis of the new state budget approved in early April.

If you look closely at the numbers, they show that tax revenues reported in May declined by just over $600 million from projections made as recently as February.

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There are reports that state senators who received payments for chairing committees that they actually did not chair are now under a probe by the state attorney general and at least one U.S. attorney.

Several Republican and independent Democratic senators were paid stipends allocated to chairs of Senate committees. But the senators weren’t actually the chairs; they had all been designated as vice chairs, a relatively new title. There is no provision in state law to pay stipends to vice chairs.

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One of the top issues remaining before the state legislature adjourns for the summer is fixing problems in the state’s economic development contracts. That’s after a scandal led to federal corruption charges against nine former associates of Gov. Andrew Cuomo.

A bill by state Comptroller Tom DiNapoli to reinstate the comptroller’s ability to oversee economic development contracts is gaining momentum in the legislature.

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Some lawmakers are pressing the state’s comptroller to divest the state’s pension fund from the fossil fuel industry. But Comptroller Tom DiNapoli said he believes he can be more effective in changing the companies’ behavior by acting from the inside.

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A bill that could address corruption in Albany is progressing in the state Legislature, but it might not be the measure that Gov. Andrew Cuomo wants to become law.

Several former Cuomo associates, including a former top aide, face federal corruption trials on charges of bribery and bid-rigging in connection with the contracts for some of the governor’s signature economic development projects, including the Buffalo Billion.

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U.S. Attorney Preet Bharara is bringing charges against a former portfolio manager in the state’s pension fund, saying he accepted bribes — that included prostitutes and illegal drugs —from two hedge fund brokers.

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New York members of the Electoral College met Monday in the Senate chamber at the State Capitol to cast their ballots for Hillary Clinton.

First among them was former President Bill Clinton, who blamed the FBI and the Russians for his wife’s defeat in the presidential race.

The former president voted for his spouse, Hillary Clinton, as did Gov. Andrew Cuomo, New York City Mayor Bill de Blasio, Comptroller Tom DiNapoli and other elected officials and politically connected Democrats from around the state, for a total of 29 votes.

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Discussions over a December special session has turned to finger pointing, as Gov. Andrew Cuomo and Senate Republicans blame each other over lack of progress.

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New York state’s comptroller has a plan to reduce corruption in the awarding of economic development contracts that has led to the indictment of former associates of Gov. Andrew Cuomo.

Comptroller Tom DiNapoli was taken out of the review process for some state economic development contracts in a state law passed in 2011, and since then, a former top aide to Cuomo and a former key State University official, along with seven others, have been charged with bribery and bid-rigging, among other crimes.

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The central New York economy is the focus of a new report by the state comptroller’s office. An analysis of how the region has recovered since the recession shows some improvements but also many challenges.

All five counties in the central New York region are below the state’s median household income. The regional unemployment rate is higher the state average. And the child poverty rate in Syracuse and Fulton are significantly higher than the state average. The region includes Onondaga, Oswego, Cayuga, Cortland and Madison Counties.

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After several years of budget surpluses, New York state tax revenue is coming in at a lower-than-expected rate.

That could affect big-ticket programs like school aid and health care as well as a multi-year tax cut planned by Gov. Andrew Cuomo and legislators.

Income tax collections are down nearly three-quarters of a billion dollars from what Cuomo’s budget division projected in April, at the start of the state’s fiscal year.

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New York state Comptroller Thomas DiNapoli said there is no political agenda behind a series of audits critical of some of Gov. Andrew Cuomo’s economic development programs. The democrat said the auditors in his department are simply calling shots as they see them.

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Gov. Andrew Cuomo has not been getting along with other Democrats in the state this summer.

For some time, Cuomo has appeared to have a feud with the Democratic mayor of New York City, but in recent weeks, the governor has directed scathing comments toward state Assembly Democrats.

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Gov. Andrew Cuomo had harsh words for the state’s comptroller, a fellow Democrat, over questions about the value of the state’s economic development programs.

State Comptroller Tom DiNapoli has conducted audits raising questions about the value of some of the programs, saying there’s not enough documentation in some cases that New Yorkers are getting their money’s worth.

Cuomo, speaking Tuesday in Buffalo, struck back when asked about DiNapoli and others who suggest the programs should be redesigned.

Karen DeWitt

New York State Comptroller Tom DiNapoli and Syracuse Mayor Stephanie Miner join capitol correspondent Karen DeWitt and Casey Seiler of the Albany Times Union on today's "ConventionCast" to share their thoughts on the Democratic National Convention, the DNC email controversy, and Gov. Andrew Cuomo and New York City Mayor Bill deBlasio's relationship.

Find more from New York Now.

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Two western New York lawmakers have asked State Comptroller Tom DiNapoli to review Gov. Andrew Cuomo’s Buffalo Billion economic development projects.

The comptroller says an ongoing audit is already looking at some aspects of the increasingly controversial project and other Cuomo administration economic development initiatives that are currently under federal investigation.

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As New York state lawmakers finish up this legislative session, state Comptroller Thomas DiNapoli hopes one item he’s been pushing for years makes it to the top of the agenda.

DiNapoli has been critical of the use of local development corporations. More commonly called LDCs, these not-for-profit corporations are often created by governments to help spur economic growth.

He says these entities create an environment where it’s easy for communities to use them to engage in back-door borrowing for projects that avoid competitive bidding requirements.

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The city of Syracuse is staying out of fiscal stress, based on a system developed by the New York state comptroller’s office.

The city has never been flagged by Comptroller Thomas DiNapoli for having a government teetering towards insolvency.

“In the three years we’ve been doing this, Syracuse has never been in any stress categories and that certainly is very good news for this community,” said DiNapoli during a visit to Syracuse Monday.

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The New York State comptroller has issued an audit finding that Gov. Andrew Cuomo’s administration has dropped the ball on some aspects of policing nursing homes.

Comptroller Tom DiNapoli took the unusual step of holding a press conference to highlight an audit which concludes that the Cuomo administration is not adequately  fining or enforcing violations at nursing homes.

“Families need to know that their loved ones have safe accommodations and that providers are being held accountable when problems are found,” Di Napoli said.

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State Comptroller Thomas DiNapoli and Syracuse Mayor Stephanie Miner are lobbying for more money from New York state to pay for infrastructure improvement. Standing in the shadow of the Evans Street Bridge in Syracuse that the state calls deficient, DiNapoli called on Albany to help localities fix bridges and roads that are falling apart. He said a recent report shows that local government spending on infrastructure has dropped dramatically.

Ryan Delaney / WRVO News file photo

Despite a tumultuous summer, Wall Street saw its best performance in the first six months of this year since 2011. A report from the New York state comptroller's office released Tuesday found that the securities industry earned more than $11 billion first half of 2015, a 29 percent increase from the same period last year. In addition to higher profits, Wall Street salaries, bonuses and employment are all on the rise.

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A New York comedian, who is also an activist on prison rights issues, is drawing attention to the state’s practice of investing a small amount of its pension fund in the private prison industry.

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There is about $14 billion in lost money or unclaimed funds owed to residents in New York state. People attending the New York State Fair can check out the new state comptroller's booth to see if they have any unclaimed funds.

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