Ravitch Proposes Fiscal Changes
New York Lt. Governor Richard Ravitch is proposing some changes that he hopes will pull the state out of its fiscal crisis.
Ravitch is proposing the state move back its fiscal year to July 1, establish a financial review board and add new borrowing.
The plan would require the state to establish generally accepted accounting principles to control budget deficits and prohibit the state from carrying deficits from one year to the next.
He said if steps aren't taken now, the state will have only one option -- to raise taxes.
Ravitch is a well-respected businessman who helped New York City out of its fiscal problems in the mid-1970s.
http://www.state.ny.us/governor/press/031010LtGovRlsFiscalPlan.html
Ravitch is proposing the state move back its fiscal year to July 1, establish a financial review board and add new borrowing.
The plan would require the state to establish generally accepted accounting principles to control budget deficits and prohibit the state from carrying deficits from one year to the next.
He said if steps aren't taken now, the state will have only one option -- to raise taxes.
Ravitch is a well-respected businessman who helped New York City out of its fiscal problems in the mid-1970s.
http://www.state.ny.us/governor/press/031010LtGovRlsFiscalPlan.html
.jpg)
Comments