State Budget Surplus Reported

The TU and Politics on the Hudson report that there’s another $625 million coming from bank settlements for a total of over $5 billion in settlements. That means that the state will end the year with a  $4.8 billion surplus.”  The money came from three settlements: $300 million each from Bank of America and Standard Chartered banks as well as $25 million from Pricewaterhouse Coopers.

State Republicans will be conferencing on Monday and may begin to think about spending this one time windfall as well as staffing and committee assignments.

However the  Governor will be involved in these negotiations and has been talking about infrastructure upgrades.

Cuomo’s Division of Budget “expects that a formal plan for use of the projected financial settlement moneys, consistent with adherence with the 2 percent spending benchmark, will be proposed no later than the submission to the Legislature of the (2015-16) Executive Budget,” according to the budget update. Cuomo 2015-16 spending plan will be proposed in late January.

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