New York to add $3B windfall to state budget

Published July 8, 2014 9:18pm ET



ALBANY, N.Y. (AP) — New York is poised to collect nearly $3.3 billion from a recent record settlement with France’s largest bank, and the Cuomo administration plans to add it to the state’s general fund.

It’s more than enough to fund the state’s prison system or its child welfare programs for a year. The administration says the windfall will be used to help limit annual spending growth to less than 2 percent, not on special one-time programs or projects.

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