ALBANY, N.Y. (NEWS10) — New York State lawmakers are working to come up with a budget ahead of the start of the new fiscal year beginning April 1. And 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.
“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. And then it’s up to them during the course of budget negotiations to add new policies to generate additional revenue, or just to decide how to spend out that money that they agree is going to be available next year,” said Citizens Budget Commission Senior Research Associate Patrick Orecki.
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. Wednesday afternoon, lawmakers and Cuomo administration staff discussed the issue optimistically yet cautiously.
“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,” said Deputy Comptroller Maria Doulis.
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.
“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,” Mujica said.
During Wednesday’s meeting, Republican ranking members weighed in and urged the legislature not to increase taxes in the budget out of concerns of outmigration.