New York State last week announced that its fiscal 1994 budget should remain in balance, despite "large risks" in its forecast of the state's economic growth.
The announcement came in a report issued by the New York State Division of the Budget. The report, which covered the first quarter in the state's fiscal year, is required by state finance law. The state's fiscal year began April 1. "We must continue to monitor economic conditions and carefully manage the state budget," Patrick J. Bulgaro, the state's budget director, said in a press release. "Our state economy continues to be sluggish, and we have not yet sustained job growth."