U.S. Markets closed

NY gov wants state board to help municipalities

ALBANY, N.Y. (AP) -- New York Gov. Andrew Cuomo says he wants to create a state board to help financially distressed cities, counties, towns and school districts to cut costs and avoid insolvency.

He says the board could help restructure and reduce costs, starting with limiting the expense of binding arbitration with local police and fire unions.

He also says Thursday it could help create mergers and arrange shared services between local governments and between school districts.

In comments made in New York City, Cuomo says he'll seek legislative support this session, which ends June 20.

Cuomo recently signaled that he'd provide more tools for local governments and schools.

That was welcomed by local government officials who have sought more fiscal help for months.

Cuomo says he won't increase funding for local governments.