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NEWS from the Office of the New York State Comptroller
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DiNapoli: New York's March 31 Cash Standing Above Projections, but Faces Significant Shortfall in Weeks

April 15, 2020

According to a report released today by State Comptroller Thomas P. DiNapoli, New York closed out the state fiscal year on March 31 with cash-on-hand in the General Fund of $8.9 billion, or $2.4 billion above projections. The state will face cash flow challenges as soon as next month due to billions in state aid payments for health and education, delayed state tax revenues and additional spending to fight the coronavirus.

"The state’s strong cash position will quickly erode in the coming weeks," DiNapoli said. "We must manage cash carefully. New York and other hard-hit states need the federal government to step up and provide help, or they face tough decisions such as recurring cuts or deficit borrowing. The states and local governments most affected by this health and economic disaster require significantly more assistance and must get priority relief from Washington."

DiNapoli’s report also found:

  • The General Fund cash-basis operating surplus for the fiscal year is $1.7 billion. This amount includes funds from the extraordinary monetary settlements and amounts reserved for debt management. Of this amount, $428 million was deposited to the Rainy Day Reserve Fund, which was planned in the Executive Budget and praised by DiNapoli as a prudent step.
  • Tax receipts through March totaled $82.9 billion which was $499.1 million above the Division of Budget’s latest projections for state fiscal year 2019-20.
  • $463.9 million in debt pre-payments were made the last week of the fiscal year for state-supported debt.
  • Payments to Medicaid providers of $2.3 billion (including federal funds) that were due to be paid the last week of fiscal year 2019-20 were delayed until April 2020.
  • The state’s cash position was approximately $13.2 billion in the Short Term Investment Pool (STIP) available for government cash flow purposes.

The Comptroller’s Office will provide more analysis of the cash flow and other budgetary impacts after the release of the Enacted Budget Financial Plan.

Report
State Fiscal Year 2019-20 Year-end Cash Report

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