State Comptroller Tom DiNapoli's latest state revenue projections for the next fiscal year have dropped by at least $4 billion from previous estimates.
DiNapoli says the drop is due to the coronavirus, and he cannot rule out a more severe recession or more stock market declines that could reduce the revenues even more.
DiNapoli says the state’s pension fund also faces challenges. However, he says New York's retirement system is well-funded. And he wants to assure the million state pensioners that the state is well-positioned to weather the volatility.