Soaring profits on Wall Street have led to record bonuses, stuffing public coffers with additional tax revenue as New York state and city develop their latest budgets.
But state Comptroller Tom DiNapoli said the $49.2 billion cash-bonus pool his office tallied shouldn’t be a license to expand government spending, and could just be a one-off.
“As budgets are being finalized both at the city and state level, caution would be appropriate,” the Democratic comptroller said. “There are so many geopolitical trends that are happening that are way beyond our control. As always, we talk about the need for the state and obviously for the city to build up their reserves and keep those reserves for what is truly a rainy day.”…