NY to add $3B windfall to state budget

[hrmjustin]

AP

New York is poised to collect nearly $3.3 billion from a recent settlement with France's largest bank for violating U.S. trade sanctions and conducting dollar transactions for clients in Sudan, Iran and Cuba.

The Cuomo administration plans to add it to the state budget to keep spending down.

The $8.9 billion settlement by BNP Paribas acknowledges $190 billion in transactions through the bank's New York office and other branches while hiding client identities over a decade.

http://www.legislativegazette.com/Articles-Top-Stories-c-2014-07-08-88541.113122-NY-to-add-3B-windfall-to-state-budget.html

[Gidney N Cloyd]

1. They plan to "add it to the state budget to keep spending down" ?

[hrmjustin]

2. Yeah I don't get that either.

[Historic NY]

3. In other words they already spent it.

its the newest thing in financial politics. Say a county had a 60 million dolllar slush fund they built up, but spent it on things like not increasing taxes and other things that they want to. Well now since they spent the slush fund (surplus) cash they declare there is a budget crisis and we 60 million in the hole. So building up a stash of money by overtaxing and then spending it on thing to makes them look fiscally responsible by not raising taxes is now a crisis.

That the GOP logic in my county...and people are going Ruh-roh.

[hrmjustin]

4. Yes many of the Hudson Valley counties are under financial water.

[hrmjustin]

5. Teachout-Wu: Spend BNP Settlement On Schools, Infrastructure

http://www.nystateofpolitics.com/2014/07/teachout-wu-spend-bnp-settlement-on-schools-infrastructure/

[hrmjustin]

6. editorial: New York should spend the $2.2 billion bank windfall on infrastructure

http://www.syracuse.com/opinion/index.ssf/2014/07/new_york_should_spend_the_22_billion_bank_windfall_on_infrastructure_editorial.html