New York State’s Comptroller says delayed tax receipts up to $10 billion dollars are just one impact of the pandemic on New York’s finances, which he says will have a “multi-year impact.”
During an appearance Wednesday at Albany County's daily COVID-19 briefing, Democratic State Comptroller Tom DiNapoli said the state has been through worse financial crises, pointing out that during the Great Recession, the Pension Fund he oversees was down 26% in one year.
"We're nowhere near that."
DiNapoli says the Pension Fund remains strong.
"Checks are being paid on time. We have no issue with not having enough cash on hand. So, just keep in mind that people should not worry about their pension."
But he says the state could face a cash crunch in the coming weeks and months for general operating costs.
