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

10 of the most memorable MTV Video Music Awards moments

mileycyrusvma

Since debuting in 1984, the MTV Video Music Awards have prided themselves on being a stage for all things hip - and often - controversial.

in Music

This week’s top rock tracks

shinedown

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

in Viral Videos

This is one way to get a tan

10-overlay22

It's summer and the beaches are packed - so this guy got some private sunbathing time while sky high.

in Weird

The ‘town drunks’ can’t drink that

drinking2

The police department in Illinois' second largest city is going to compile a "habitual drunkard" list to help fight public intoxication.

in Music

Slash to producer slasher film

slash

The former Guns 'N Roses star has teamed up with horror production firm Revolver Picture Company for a new movie franchise.