Tom Dinapoli

Ryan Delaney / WRVO

State Comptroller Tom DiNapoli says $5 billion in extra money that New York is reaping from bank settlements should not be viewed as a surplus, and should not be spent as though there will be more money coming in the future.

“I wouldn’t call it a surplus,” DiNapoli said. “It’s really more of a windfall.”

And so the comptroller says it should not be used for recurring expenses, like tax cuts or increased school aid, as some legislators have suggested.

Ryan Delaney / WRVO

An experimental public campaign finance system for the state comptroller’s race has fizzled, after the lone candidate who applied for the program failed to meet the minimum threshold to obtain public monies.

The pilot public campaign financing program was limited to just the state comptroller’s race as part of a state budget deal.

It was widely condemned at the time by reform groups as fatally flawed. Blair Horner of the New York Public Interest Research Group called it cynical.

Ellen Abbott / WRVO file photo

New York state has received a multi billion dollar windfall from bank settlements this year, but a new report from the state comptroller shows the settlement took a bite out of Wall Street profits in 2014, which could have repercussions for the state budget in the future.

State Comptroller Tom DiNapoli reports Wall Street profits are down by 13 percent so far in 2014, compared to the previous year, 2013, when profits had already shrunk by 30 percent.

“Certainly we’re seeing profits, but down from what we saw last year,” DiNapoli said.