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New York Looks To Have A Surplus of Nearly $1 Billion In 2016

Comptroller Tom DiNapoli
Comptroller Tom DiNapoli Photo Credit: File

ALBANY, N.Y. — State officials are looking at a roughly $1 billion surplus in the next fiscal year, a report released Thursday said.

Most of that money, approximately $650 million, is the result of settlements reached by the Department of Financial Services with several major firms as well as several large payments from international banks for violating U.S. sanctions, a report from Capital New York said.

A part of the extra income to the state will being going back to taxpayers in a form of a tax refund check, but much of it does give Gov. Andrew Cuomo room in his budget to breath a little, Capital New York reported.

For the Mid-Year Financial Plan update from the Division of Budget, click here .

To read Comptroller Tom DiNapoli's revenue forecast, click here .

For the full article from Capital New York, click here.

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