Cuomo Studies Options For Use Of $4.2 Billion Budget Surplus
ALBANY, N.Y. (CBSNewYork/AP) — New York State Gov. Andrew Cuomo this week was studying options for how to spend a $4.2 billion state budget surplus.
The windfall came as a result of recent financial settlements with banks and insurance companies, state officials said.
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.
The administration said the windfall from the Paribas penalty will be used to help limit annual spending growth to less than 2 percent, not on special one-time programs or projects. And $298 million from that settlement will go into a special fund for addiction treatment at the state Office of Alcoholism and Substance Abuse Services, officials said — a 51 percent boost above the agency’s budget for the year.
Gov. Andrew Cuomo’s administration said Monday that it was reviewing options for the remaining 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.
You May Also Be Interested In These Stories:
- Obama’s NYC Stops Monday Include Lehman College, Letterman
- Frantic Search Under Way For Missing NYU Law School Graduate
- CBS2 Exclusive: Man Catches Video Of MTA Worker Caught In Blast On Subway Track
- NYPD Officer Dies 2 Days After Being Shot In Queens
(TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)