About two weeks ago I posted that the current financial crisis on Wall Street coupled with smaller and fewer real estate transactions was likely to have a dramatic impact on the NYS Budget process.
"There is one very large domino (lower tax revenue) that could start a chain of events that will lead to lower spending, reduced services and possibly one higher taxes at the local level as state aid is reduced for schools."
Now comes word that Gov. David Patterson will host a news conference tomorrow where he will outline the fiscal difficulties facing NYS.
“He will say that plunging state revenues will force painful cuts in state services, necessitate a reduction in the state work force, possibly through layoffs, and require other difficult economic measures, a source said.”
Better to be lucky than good sometimes....