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State budget update projects deficits

ALBANY — New York budget officials are projecting a $350 million deficit in this year’s general fund, followed by a deficit ranging from $3 billion to $3.5 billion next year.

In the midyear update released Monday, the Division of the Budget cites weak economic conditions around the world, volatility in financial markets and persistently disappointing data on employment, consumer confidence and income.

Officials say they expect to better gauge the tax receipts shortfall in the coming weeks and will immediately institute a financial management plan to eliminate the shortfall.

If that fails, Gov. Andrew Cuomo is expected call the Legislature back to consider additional measures.

His budget division says he will propose an executive budget for the coming fiscal year to eliminate the future gap.