In a wide-ranging State of the State speech Wednesday, New York Gov. Andrew Cuomo announced a new organization to aid stressed localities as well as programs affecting the state government’s finances.
Cuomo said a Financial Restructuring Assistance Program was needed to help New York’s localities deal with financial stress. The experience of financial stress stems from varying causes. The localities need varying advice, he said. A joint task force made up of the comptroller, attorney general, Division of Budget, and private-sector restructuring consultants would run the program.