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Coronavirus Affects New York State Finance

NYS Comptroller Tom DiNapoli
WAMC Photo by Dave Lucas
NYS Comptroller Tom DiNapoli

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.

Dave Lucas is WAMC’s Capital Region Bureau Chief. Born and raised in Albany, he’s been involved in nearly every aspect of local radio since 1981. Before joining WAMC, Dave was a reporter and anchor at WGY in Schenectady. Prior to that he hosted talk shows on WYJB and WROW, including the 1999 series of overnight radio broadcasts tracking the JonBenet Ramsey murder case with a cast of callers and characters from all over the world via the internet. In 2012, Dave received a Communicator Award of Distinction for his WAMC news story "Fail: The NYS Flood Panel," which explores whether the damage from Hurricane Irene and Tropical Storm Lee could have been prevented or at least curbed. Dave began his radio career as a “morning personality” at WABY in Albany.
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