New York State Comptroller Thomas DiNapoli is concerned that Gov. Andrew Cuomo's proposed $162 billion 2018 budget contains elements that could hamper spending oversight.
In his annual
"Several proposals raise issues regarding checks and balances over use of the public's dollars and would diminish independent oversight," said DiNapoli in a statement.
DiNapoli also warned in his report that uncertainty with the change of leadership in Washington could pose risks to the budget because about one third of the spending plan is comprised of federal funding commitments. The Democratic comptroller did praise Cuomo for producing a balanced budget that invests in "much-needed" clean water infrastructure projects.
"We are pleased that the Comptroller's report recognizes the fiscal discipline and intelligent investments that characterize this budget," said Morris Peters, a spokesman for Cuomo's budget office. "The report also rightly identifies the significant risk to federal revenues, which is why the budget includes prudent language – long supported by rating agencies and good governance groups – to help the State manage mid-year deficits."
Peters noted that a December report from Moody's Investors Service cited the inability of the governor to make mid-year corrections to address budget shortfalls as a credit weakness. An S&P Global Ratings report on the budget proposal published on Jan. 25 credited the plan for positioning the state to manage through a changing federal funding landscape.
New York is rated Aa1 by Moody's and AA-plus by S&P Global Ratings, Fitch Ratings and Kroll Bond Rating Agency.
