New York Getting Its Finances in Order, DiNapoli Says

New York won praise from Comptroller Thomas DiNapoli for improving its finances.

"After a tough few years, New York State is in better fiscal shape thanks to an improving economy and difficult fiscal choices made by the governor and the legislature," DiNapoli said in a report Monday. "The on-time enacted budget seeks to keep spending growth to less than 2 percent while providing increased aid for schools and tax cuts."

However, the $143 billion budget continues to rely partially on temporary funding streams, DiNapoli's staff noted.

At the end of fiscal year 2013-2014 the state made its first contribution, $175 million, to its rainy day fund since 2008, the staff noted.

The approved fiscal year 2014-2015 budget authorizes $7.6 billion in new debt. Of this, a $2 billion smart schools bond will depend on voter approval in the fall.

The fiscal 2014-2015 budget also increased school aid by 5.4%, or $1.1 billion, on a school-year basis, the staff reported.