The New York State budget division on Friday released the first quarterly update of the state's fiscal 1992 financial plan, saying the general fund is "balanced."
The revised cash-basis general fund, which relies on state taxes and fees, is balanced with planned disbursements of $29.83 billion, the report says. Disbursements from the all-funds financial plan, which includes money from the federal government, are expected to be $52.38 billion, about $400 million higher than previously planned.
The state expects to sell about $191 million of general obligation bonds in a competitive auction this week.
"We project continuing balance," said Dall W. Forsythe, the state budget director. "We have not changed the economic forecast from the spring borrowing forecast in June.
"At the time, we projected a moderate economic recovery for the nation during the second half of 1991, with no job growth or other recovery in New York State until next year," Mr. Forsythe said. "All the economic news since then confirms that forecast."
The budget division noted a number of major changes in the financial plan since the state Legislature adopted it on June 4 -- 65 days past the start of the state's fiscal year, its original due date.
There are $676 million in additional legislative spending actions, including additional money for education.
There are $309 million in net additional revenues from tax changes added by the Legislature, including $200 million from the increased gross receipts tax on energy and telecommunications utilities.
And there are $367 million worth of revenues from a variety of sources, including an $80 million revenue bond sale by the New York State Thruway Authority and $20 million in additional revenues from the state lottery and patient reimbursements.
