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.