When Governor Cuomo gives his budget address on Wednesday, the state will begin the year with a $5 billion surplus, a big change after years of budget deficits.
When Cuomo first came into office, the state was facing a $10 billion budget gap. Now, in 2015 the state has a $5 billion surplus, the largest since the 1940’s. The money is a one time windfall from various bank settlements, over charges of improprieties during the financial crisis.
The state Comptroller, Tom DiNapoli advises using the money for one time expenses. He says don’t confuse a windfall with a surplus.