"It is clear that the budget just passed by Albany was done to protect incumbents in their re-election bid.  The growing budget gap and the growing problems with New York's pension funds makes it clear that once the election is over, more services will be cut and taxes increased," Doug Biviano

State’s Budget Gap Grows (NY Fiscal Watch)

New York’s state budget gap for 2011-12 — the first year of the next gubernatorial administration — is now projected at nearly $8.2 billion, according to the 2010-11 Enacted Budget Report released today by Governor Paterson’s  Division of the Budget (DOB).   That’s 52 percent larger than the $5.4 billion gap projected just six months ago, in DOB’s previous financial plan update.  It’s also nearly $700 million larger than the preliminary budget gap estimate attributed to Paterson’s budget director just a month ago.

Low pension return may $oak taxpayers State Comptroller Thomas DiNapoli revealed plans yesterday to slash the state pension fund's growth forecast for the first time in a decade amid growing concerns about exploding retirement costs.(NYP)

"The downgrade from 8-percent to 7.5-percent is once again a re-election farce.  The downgrade needs to be closer to 5-percent near Treasury Bills," cautioned Biviano who has been warning the voters for months of the dangerous game Albany legislatures have been playing.  "Those currently in elected office in Albany are simply not being honest.  The shortfalls for our state's pension growth, which is tied directly to the state budget shortfalls, are in the billions and still very much at risk."

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