New York Post

NY’s $9B fine ‘fund’ almost dry

- By KEVIN DUGAN kdugan@nypost.com

New York State has been relying on a stream of legal settlement­s with Wall Street and beyond to balance its budget — but that stream is running dry.

In fact, the Empire State has just $665 million left from the more than $8.7 billion it collected from fines and settlement­s with banks over two years, state records show.

That remaining booty could run out as soon as April 1, according to a report released by state Comptrolle­r Thomas P. DiNapoli (right).

The $8.7 billion came from legal settlement­s engineered by the Department of Financial Services and the Attorney General Eric Schneiderm­an during fiscal years 2013-14 and 2014-15, according to the report.

New York “will use up most of the budgetary cushion it has accumulate­d primarily from billions of dollars in recent monetary settlement­s,” DiNapoli said in the report.

The state projects that in the current fiscal year it will collect $919 million, down from $1 billion in fiscal 2015-16.

Of the $8 billion it’s collected from these fines, almost all of it has been allocated to infrastruc­ture funds, according to data provided to The Post.

Through 2017, the two largest state initiative­s benefittin­g from the settlement­s are the Thruway Stabilizat­ion Program, which gets $1.99 billion, and the Upstate Revitaliza­tion Initiative, which gets $1.67 billion.

The remaining $665 million has yet to be allocated.

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