There’s trouble on the horizon for New York’s finances, as a combination of reduced tax revenue and looming federal budget cuts could result in a more challenging fiscal picture for the state, according to Comptroller Tom DiNapoli.

At the same time, DiNapoli in a report released on Thursday questioned the agreed-upon state budget approved 10 days past its April 1 due date, pointing to an increasing lack of transparency in the process.

“Although the budget came together more than a week into the fiscal year, the Legislature and Executive acted on critical budget issues that will help New York move forward. However, billions of dollars in spending lacks key details that would better inform the public about how their tax dollars are being spent,” DiNapoli said.

“It should concern all New Yorkers that budget decisions in Washington may force tough fiscal choices for the state and raise new questions for local governments and nonprofits that rely on state funding. Federal actions that could adversely affect New York, as well as economic uncertainty, are key risks to this budget.”

The report raises concerns of tax revenue that dried up in the most recent fiscal year as state officials revised revenue estimates downward on four separate occasions.

Tax collections were down $2.8 billion below initial projections, but revenue was offset in part by higher-than-expected hikes in federal revenue.

That won’t necessarily last, however, as Republicans in Congress and the Trump administration eye spending cuts this year.

2017 18 Enacted Budget Report by Nick Reisman on Scribd