"New York's revenue picture is increasingly challenged. The final January revenue numbers for the state released by my office today confirm the substantial shortfall the Governor and I announced earlier this month. In addition, the Division of the Budget's updated financial plan reduces projected tax receipts in the coming years by billions of dollars.

"Given the unpredictable revenue environment we now face, we should take an extremely cautious approach when negotiating next year's budget. As one step, I urge the Governor and Legislature to make the prudent financial decision to substantially build up the state's reserves to help better prepare for an economic downturn."

To read the January 2019 state cash report, go to: https://www.osc.state.ny.us/sites/default/files/reports/documents/pdf/2019-10/cash-basis-2019-01.pdf