New York City will end fiscal 2010 with a $3.3 billion surplus and will have a balanced budget in fiscal 2011, New York State Comptroller Thomas DiNapoli said in a report last week. The lack of a state budget, however, has complicated the city’s budget process.
“New York City is emerging from the recession faster and stronger than expected,” DiNapoli said in a press release. “But without a state budget in place, the city is forced to estimate how much state aid it will get. That only increases budgetary uncertainty.”