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You Paid For It: $1.9 Million in Interest For Late Payments

6:19 PM, Jun 27, 2012   |    comments
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By Joe Spector, Gannett Albany Bureau

ALBANY, N.Y. - New York paid more than $1.9 million in interest for late payments to vendors during the 2011-12 fiscal year, which ended March 31, Comptroller Thomas DiNapoli said. That's an increase of 38 percent from the previous year.

Most of the interest payments came from the state Department of Health. They accrued $1.3 million, up 130 percent from the last fiscal year.

"State agencies should not waste taxpayer dollars making avoidable interest payments," DiNapoli said in a statement.

DiNapoli said his office avoided an additional $727,000 in late interest payments by accelerating some payment requests from state agencies. S

State law requires state agencies to pay vendors within 30 days the invoice for goods and services. If the payments are late, interest is accrued by the contractors.

Second to the health department was the State University of New York, which paid $109,533, an increase of 35 percent.

There was no immediate comment from the health department. 

Gannett

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