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State Looking at Options for Using $4.2B Surplus

 
Posted Tuesday, August 5th 2014 @ 5am  by Associated Press

Albany, N.Y. — New York's governor is studying the state's options for how to spend a $4.2 billion budget surplus.

The state says the windfall is the result of recent financial settlements with banks and insurance companies.

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.

Gov. Andrew Cuomo's administration says Monday that it's reviewing options for the 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.

 

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