[NYAPRS Enews] Consensus Group Finds $700 Million over Executive Budget

[Harvey Rosenthal]

Last Thursday, finance staff from the NYS Governor, Assembly and Senate met for their traditional assessment of the state's financial picture and the availability of funds over the Executive Budget that was released in January.

The attached report cites a mix of promising factors (rising employment rates, wage and income growth) and concerns regarding the potentially damaging impact of the Coronavirus.

After reviewing the combined total of tax and general fund receipts and projected lottery revenues, the "participants reached consensus on a two-year revenue total that is $700 million above the Executive Budget estimate."

Look for the Senate and Assembly to release their individual 'one-house' budgets next week that will suggest how those funds could be applied.

NYAPRS continues to work with a broad partnership of organizations to press for a state commitment to a 3% across the board increase for each of the next 5 years for the especially hard pressed human services sector as well as to offset possible cuts to the Medicaid program.
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Capitol Watch: Albany Enters Last Month of Budget Talks
By Marina Villeneuve The Associated Press  February 29, 2020

....REVENUE FORECAST
It's possible that New York will have more money to spend over the upcoming year if the state and national economies keep expanding.

Legislative leaders and the Cuomo administration are facing a Sunday deadline to come to a consensus about how much additional money is available. At a revenue hearing Thursday, some economic observers said it's unclear whether the new virus outbreak will affect state finances, and there are concerns a recession might be looming.

Cuomo's budget office estimates that tax collections will increase $5.5 billion, or 6.7%, in the upcoming fiscal year ending April 2021.

The issue before lawmakers and the governor is whether that number could actually be higher, and if so, how the state should use any extra funds.

The Democratic-led Legislature and the Democratic governor failed to come to a consensus last year, leaving the job to state Comptroller Thomas DiNapoli. DiNapoli, a Democrat, has called for New York to boost its rainy day fund.

https://www.niagara-gazette.com/news/local_news/capitol-watch-albany-enters-last-month-of-budget-talks/article_b90c0de5-a199-5fe2-8406-f79eae91b229.html

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