Leonard A. Fasano

States Closes Fiscal Year With $170 Million Deficit

States Closes Fiscal Year With $170 Million Deficit

The state finished the 2016 fiscal year with a deficit of $170.4 million and needed the rainy day fund to plug the hole, according to final calculations released Friday.

Despite the state's financial crunch, the State Bond Commission Friday approved state funding for dozens of capital projects that totaled hundreds of millions of dollars, including new cars for the Metro-North Commuter Railroad.

Comptroller Kevin Lembo said the state's rainy day fund now has only $235.6 million – a tiny fraction of an annual state budget of more than $20 billion.

Republican legislators responded by saying the situation is not good when the state economy is still sluggish and...