In response to shocking new revelations of wild spending sprees by the former state Senate Majority and others, Assemblyman Jim Tedisco (R,C,I-Schenectady-Saratoga) today said he is introducing the O.U.T. (Over-Expenditure/Under-Expenditure/Transfer-Notification) of Debt Act to prevent future taxpayer malfeasance.
It has recently been uncovered that the former Majority in the Senate had spent at least $10 million over budget larding-up on staffing and political appointees.
Meanwhile, as the State University of New York at Albany faces deep budget cuts, job losses and potential tuition hikes, the university handed out $1.2 million in so-called “discretionary” raises at the end of the year.
“For New York’s government it should be O.U.T. with end of the year spending binges. Too many agencies attempt to empty their coffers at the end-of-the-year to justify their budgets. This is when deficits build up,” said Tedisco, former Minority Leader and current Assistant Minority Whip.
“Oftentimes, a state agency will have a small amount of money left over at the end of the year and unilaterally go on a last-minute spending binge. Pretty soon this impulse spending adds up to big dollars,” said Tedisco.
The legislation proposed by Tedisco would require the Comptroller to be immediately notified of any over-expenditure of taxpayer monies and that all leftover funds are allocated to the general fund to pay down debt, unless the Governor and Legislature deem otherwise. If state agencies fail to comply, the Comptroller would be mandated to cancel any unapproved over-expenditures/under-expenditures or transfers.
“This bill won’t erase New York’s $10 billion deficit on its own, but it will provide the kind of spending transparency the state needs to get out of debt and save taxpayers from getting fleeced by end-of-the-year spending sprees,” said Tedisco.