Signs of a coming New York state budget crisis - Post Editorial Board

If Tom DiNapoli’s new report on state finances is any guide, Gov. Cuomo’s luck may be about to run out. As the Empire Center’s E.J. McMahon notes, the state comptroller’s latest cash report cites tax receipts $387 million short of recent projections — and $2 billion below what Cuomo counted on in January. Lower personal-income-tax payments are mostly to blame. That, McMahon adds, may reflect a sluggish economy or high-income households fleeing the state.Meanwhile, Albany already faces a $4 billion hole in next year’s budget. The governor’s also warning that changes in Washington, on health care or tax reform, could cost “$2.6 billion to $17 billion” more. http://nypost.com/2017/10/21/signs-of-a-coming-new-york-state-budget-crisis/