New York state, facing a $3.1 billion deficit and a cash squeeze, deferred a September payment to its $116.5 billion pension fund, forfeiting more than it would have cost to borrow the needed funds, Bloomberg data show. By delaying the $959.1 million payment, which isn’t legally required until March 1, the state sacrificed an 8 [...]
Governor David Paterson is asking the Legislature to give him proposals by Wednesday for cutting $2.5 billion from the current budget. Paterson says he wants concrete ideas for continuing savings. The request comes two days after Paterson ordered cuts worth $500 million from executive branch agencies. Paterson says Thursday he and legislative leaders now agree [...]
The cash-strapped city hopes to haul in a record $686 million in parking fines next year in what could become the mother of all ticket blitzes, The Post has learned. Documents released last week as part of Mayor Bloomberg’s new $59.4 billion budget show that the Finance Department is projecting a $93 million increase in [...]
The state’s projected budget gap for next year has ballooned to a record $12.5 billion, a Paterson administration source disclosed Monday. The staggering 2009-10 deficit estimate, which will be included in the midyear financial plan Gov. Paterson releases today, surpasses the previous record of $11.2 billion the state faced after the Sept. 11, 2001, terror [...]
