News

NY looking at options for $4.2B surplus

NY looking at options for $4.2B surplus

Photo: WHCU

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.

Copyright 2014 The Associated Press. All rights reserved.

Recent Headlines

in Music

This week’s top rock tracks

foofighters

LISTEN: This week's top rock songs, according to the latest Billboard chart.

in Viral Videos

Elders play Grand Theft Auto V

20-overlay2

They have no problem shooting people, but they refuse to run a red light!

in Weird

Prisoners are not-so-pretty in pink

jail

The new uniforms at one jail are quite the fashion statement.

in Music

Gibson gives away guitars with ‘golden tickets’

gibson

The Great Gibson Grab will raise money for the Wounded Warrior Project.

in Music

Hinder replaces frontman – again

hinder

The band has recruited producer Marshal Dutton as their new frontman, just months after hiring singer Nolan Neal.