NY’s $9B fine ‘fund’ almost dry
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.