"The state’s strong cash position will quickly erode in
the coming weeks," DiNapoli said. "We must manage cash carefully. New
York and other hard-hit states need the federal government to step up and
provide help, or they face tough decisions such as recurring cuts or deficit
borrowing. The states and local governments most affected by this health and
economic disaster require significantly more assistance and must get priority
relief from Washington."
DiNapoli’s report also found:
-The General Fund cash-basis operating surplus for the
fiscal year is $1.7 billion. This amount includes funds from the extraordinary
monetary settlements and amounts reserved for debt management. Of this amount,
$428 million was deposited to the Rainy Day Reserve Fund, which was planned in
the Executive Budget and praised by DiNapoli as a prudent step.
-Tax receipts through March totaled $82.9 billion which was
$499.1 million above the Division of Budget’s latest projections for state
fiscal year 2019-20.
-$463.9 million in debt pre-payments were made the last week
of the fiscal year for state-supported debt.
-Payments to Medicaid providers of $2.3 billion (including
federal funds) that were due to be paid the last week of fiscal year 2019-20
were delayed until April 2020.
-The state’s cash position was approximately $13.2 billion
in the Short Term Investment Pool (STIP) available for government cash flow
purposes.
The Comptroller’s Office will provide more analysis of the
cash flow and other budgetary impacts after the release of the Enacted Budget
Financial Plan.
