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NY looking at options for using $4.2B surplus

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— New York's governor is studying the state's options for how to spend a $4.2 billion budget surplus.

The state says the windfall is the result of recent financial settlements with banks and insurance companies.

BNP Paribas, for example, agreed to pay a $2.2 billion penalty to the state after pleading guilty to charges that it violated economic sanctions by processing transactions for clients in blacklisted countries including Sudan, Cuba and Iran.

Gov. Andrew Cuomo's administration says Monday that it's reviewing options for the unanticipated revenue. Possibilities include paying down state debt, building up the state's financial reserves, or spending the money on one-time capital expenses.

The money would certainly help cover the cost of one big-ticket item: the new Tappan Zee Bridge, which has a price tag of $3.9 billion.

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comments

wmarincic
August 4, 2014
6:59 p.m.

[ Flag Post ]

That's the problem, they want to spend it rather than save it and with other cuts they could lower taxes. That's the smart thing to do but we are dealing with tax and spend democrats so they will just spend it.

steveleary1
August 4, 2014
10:37 p.m.

[ Flag Post ]

How about paying down some of the higher interest debt ?

joseph4700
August 5, 2014
12:32 p.m.

[ Flag Post ]

Surplus, that's the same as over payment. Is it not? That one of the problems we have in this country. We overpay and they find a way to spend it. Reduce spending like they do is any successful business. Oh! STOP GIVING YOURSELFS RAISES> Enough is enough. REDUCE< REDUCE

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