The State Division of Budget (DOB) revised the projected budget deficit for the coming fiscal year in the update to the Financial Plan. DOB now expects the deficit to reach $4.4 billion, an increase of about $400 million. The increase is attributable to lower than expected collections in the personal income tax. State Comptroller Tom DiNapoli recently indicated that the deficit could reach as high as $8 billion. In the Financial Plan, Governor Cuomo indicates the State will absorb $3.2 billion of the deficit through unspecified cuts to State Agencies. The Financial Plan is available here.
