Tough financial decisions could be on the horizon for New York State after more than $10.5 billion in new bond debt was approved for the fiscal 2018 budget amid declining tax revenue projections and federal funding uncertainty, according to State Comptroller Thomas DiNapoli.

A report DiNapoli released Thursday says the state reduced tax revenue estimates four times in the 2017 fiscal year and finished $2.8 billion below initial projections. DiNapoli noted that federal aid cuts under consideration in Washington for healthcare and other services could “pose unpredictable challenges” for the state.

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