As we're all caught up in the senate leadership battles, the NYT reports late today that not only is the state's senate caught up in internal battles, but apparently now state tax revenue has taken nearly a 40% hit, comparing last month to May 2008.
From the City Room blog:
State tax revenue plunged 36 percent in May from the same period last year, according to a report Wednesday from the state comptroller, Thomas P. DiNapoli, providing little indication of a hoped-for turnaround in the state’s economy.
First up, the Senate is getting mired deeper and deeper into court battles between current and former leaders:
From the Times-Union:
First up Tuesday was Acting state Supreme Court Justice Thomas McNamara, who dismissed Democratic leader Malcolm Smith's lawsuit against breakaway Democrat Pedro Espada Jr. Speaking from the bench, the judge said it would be "improper" for the judiciary to render a decision that would have sweeping implications for the legislative branch.
Smith's suit against Espada claimed the rogue Democrat's hold on the position of president pro tempore is illegitimate because the dramatic June 8 coup on the Senate floor was not conducted according to the chamber's rules -- a charge Espada and the Republicans dispute.
Meanwhile, DiNapoli gives us some more good news on the budget (from NYT):
Revenue for May was $6.9 billion, roughly $3.9 billion less than in the same month last year, largely because of lower income tax collections. Over all, the state took in $347.9 million less in May than the state budget office projected in April. However, state spending was $250.1 million less than projected, leaving the state’s $132 billion budget roughly in balance.
“The General Fund is at historically low levels,” Mr. DiNapoli said in a statement. “The state needs to watch revenues and spending closely.”
Jeffrey Gordon, a spokesman for Gov. David A. Paterson, said that the May receipts did not reflect the full impact of a tax increase on high earners that lawmakers approved in April, since it was not fully phased in to individuals’ withholding payments until the beginning of this month.
"Needs to watch revenues and spending closely" indeed... with Albany leadership up to their knees in internal battles, it remains to be seen what action will be taken or who will step up to take charge to counteract the $347.9 million shortfall seen here in May.