Vendors received more than $1.9 million in interest on late payments from New York State during the 2011-2012 fiscal year, Comptroller Thomas DiNapoli said today.
Interest payments increased 38 percent, or $526,400, from the previous fiscal year. Under state finance law, New York must pay contractors and vendors interest when it makes payments that are more than 30 days late.
The state’s Department of Health was responsible for a majority of the interest payments in 2011-2012. The agency disbursed more than $1.3 million in interest, according to a news release from the comptroller’s office.
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The State University of New York was the next-highest interest payer at $109,533. It was followed by the Department of Transportation at $86,995.
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