DiNapoli: State financal status best in years

By Michelle Costanza

July 10, 2014 Updated Jul 10, 2014 at 10:09 PM EST

Endicott, NY (WBNG Binghamton) State Comptroller Thomas DiNapoli stopped by the Broome County annual Democratic picnic Thursday, explaining why New York state is in good financial hands.

One of the biggest goals of the current administration has been to strengthen the state's financial status, despite recent cuts and challenges.

DiNapoli said Thursday night that these priorities have fared well.

In the past few weeks, the state has seen two bond rating upgrades, citing three factors: a better budget position, a stronger economy and especially well-funded public pension funds.

While pension funds have had a tough history in the past, DiNapoli said he is hopeful the Cuomo administration can continue to ease those worries.

"We had a positive return of 13 percent last year and our fund is now on a record high of $176 billion," DiNapoli said.

That upward movement to cut the contribution rate would relieve some of the pressure on local taxpayers, he said.

"We'll have an announcement in August, but the bottom line for our pensioners -- their retirement is safe and secure," said DiNapoli.

Though the economy has not been very forgiving, by monitoring spending and budget balance, DiNapoli said they have managed to bring the state's finances to the most healthy level in years, and plan to continue that trend.

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