State's pension fund up, but comptroller says warning signs on horizon for NY finances

There’s some good news and some bad news from the state comptroller’s office. The state’s nearly $200 billion pension fund is doing well, thanks in part to the booming stock market, but there are some worrisome signs for the future of New York’s finances. Comptroller Tom DiNapoli said the pension fund is up this quarter by 2.9 percent, and has increased 11.5 percent from last year. DiNapoli said he likes to think that he and his staff have invested wisely, but he said a major factor is the booming stock market. “The stock market rally continues,” DiNapoli said in an interview with New York public radio and TV. “It’s been going on longer than most people would have ever projected, but we’re benefiting from that right now.” But there’s a drop in the state’s finances. The comptroller’s monthly report finds collections of personal income taxes are down about $1.2 billion from the same time period last year. DiNapoli said Gov. Andrew Cuomo’s Division of the Budget has already revised down