Another gap in the state budget, foreclosure rates stay low, authority moves to buy Albany's oldest building, big plans for bus rapid transit

The state Division of Budget is projecting that New York will be short $2.1 billion during this fiscal year. The reason: less-than-expected revenues from both income and sales taxes. The projected gap will probably bring the legislature back into session in September. [NYS DoB] [NYT] [TU]

A state appeals court has ruled that Richard Ravitch can serve as lieutenant governor until the legality of his appointment is argued in court August 18. One catch: he's not allowed to preside over the state Senate or cast tie-breaking votes in the chamber. Ravitch says he been working on budget issues in the administration. [Daily Politics] [Biz Review] [Fox23]

A handful of state governors will be in Saratoga this weekend for eating, drinking, horse racing and partying a conference hosted by David Paterson. [Daily Politics]

Albany police say a man -- dressed as a woman -- stabbed a stylist at a salon on North Lake in yesterday. Police say the man then ran off with the woman's purse before being arrested. [CapNews9] [CBS6]

The Capital Region continues to have one of the nation's lowest home foreclosure rates. [Biz Review]

The EPA says the Hudson River PCB dredging project has been complicated by wood and and other river bottom debris that's keeping the clamshell scoops from sealing. Tests recently indicated that PCB levels in the river had jumped. [TU]

A state appeals court has ruled that the Brighter Choice charter schools in Albany must release teacher name and salary information to NYSUT. [CapNews9]

The Troy pool in which a child nearly drowned two weeks ago is still closed as an investigation into the incident continues. [TU]

The Albany County Convention Center Authority is taking the steps necessary to make its first land purchases. Among the downtown Albany parcels is 48 Hudson -- AKA, the oldest building in Albany. [TU] [Troy Record] [AOA]

The head of the Colonie Republicans is leaving his post after more than 36 years. [TU]

The $42 million biomedical research facility planned for the UAlbany east campus appears to have died. [TU]

CDTA says its bus rapid transit system could eventually have 100 miles of routes. [TU]

As much as six inches of rain fell on parts of Rensselaer and Columbia counties during Wednesday's storms. [Troy Record]

A new cell tower on Rt 50 near Saratoga will be disguised to look like a barn and silo.

Salisbury Chevrolet in Glenville, one of the dealerships bounced by GM, is closing today after 60 years of business. [Daily Gazette]

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