ALBANY, NY – New York State lawmakers are working to come up with a budget ahead of the start of the new fiscal year beginning April 1st.
As NewsChannel 34’s Corina Cappabianca shows us, research from a new Senate Finance Committee report shows that the state’s economic outlook for the next year could be better than originally anticipated.
((Patrick Orecki, CBC Senior Research Associate))
This report by the Senate is part of the process of basically the governor and the houses of the legislature coming together and saying this is how much money we think we’ll get next year.
The report projects revenues will be up about 1 percent higher than the 2021-2022 forecast from the Executive Budget Financial Plan, accounting for about $1.9 billion, pushing the total to $194.7 billion.
This afternoon lawmakers and Cuomo administration staff discussed the issue optimistically yet cautiously.
((Maria Doulis, Deputy Comptroller))
Forecasting the state’s tax revenues is challenging in any year but the unprecedented nature of the public health and economic crises call for particular caution.
An area that saw promising signs in the report was personal income tax receipts.
Budget Director Robert Mujica says while the state originally projected a $63 billion loss over four years in April, it’s now projecting a $33 billion loss over four years.
He maintains the state has a $15 billion budget gap to retain current services.
((Robert Mujica, NYS Budget Director))
As Governor Cuomo has repeatedly advocated, the federal government must deliver the $15 billion we need so that New York State can afford even baseline investments and funding of essential services.
During today’s meeting Republican ranking members weighed in, urging the legislature not to increase taxes in the budget out of fears of people leaving the state.