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State’s 2018-19 Budget Deficit Grows

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.