N.Y. Budget Clock Runs Out

McDonald, Michael
April 2003
Bond Buyer;4/1/2003, Vol. 344 Issue 31605, p1
Trade Publication
For the 19th year, New York has failed to enact a budget in time for the fiscal year 2003, which begins as on April 1, 2003. However, the state finds itself in a precarious financial position this time around, with cash flows tight and the bond market growing increasingly concerned about the state's credit. In that proposal, which assumed the budget would be passed before April 1 and would include the approval of 4.2 billion dollars in tobacco bonds, the governor projected cash balances of 195 million dollars for the end of May 2003 and 624 million dollars for the end of the first quarter 2003. The Legislature was separately considering a bill to pay debt service on the state's bonds for the fiscal year, which the Senate had passed and the Assembly was expected to pass.


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