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N.Y. Comptroller Urges Lawmakers To Set Money Aside As Budget Grows

N.Y. State Comptroller Thomas DiNapoli
Mike Groll
N.Y. State Comptroller Thomas DiNapoli

New York has access to the largest budget in state history — $212 billion. But the state comptroller has cautioned lawmakers to preserve some cash for rainy days.

The state received $12 billion from federal relief. Lawmakers also have increased corporate and personal income taxes on wealthy New Yorkers.

State Comptroller Thomas DiNapoli said in a new report that he is concerned lawmakers will take advantage of the money and spend at an unsustainable level.

DiNapoli said he believes there is a missed opportunity to set aside the new revenues to make sure the state is in a good position in case of an emergency, such as another lockdown.

The state spent over $175 billion last year during the pandemic.