ALBANY, N.Y. (NEWS10)- Financial impacts in New York from the coronavirus pandemic will be lasting. Previous analysis and expected revenue for the FY 2021 executive budget are now being considered antiquated according to new estimates from the New York State Department of Budget (DOB).

Revenue loss from the General Fund for the FY 2021 budget is $13.3 billion. DOB said the state could see a $60.5 billion loss in General Fund revenue through 2024. The total economic loss related to COVID-19 in N.Y. is approximated to be $243 billion.

“Above all, our efforts to stop the spread of the virus are working to save lives, and now we are also addressing the economic realities the pandemic is causing as we move New York forward and build back better than before,” said DOB Director, Robert Mujica. “Unlike the federal government, New York State must balance its budget and in the absence of federal assistance, we will have to make deep cuts which could impact a broad range of services.”

The updated financial plan was created based on an economic assessment of the state done by Boston Consulting Group (BCG). The assessment emphasizes the fact that N.Y. has been hit the hardest by the coronavirus pandemic and that without federal assistance the state will have to make deep cuts affecting all services.

The lost revenues would diminish the state’s ability to provide services to New Yorkers at a time when they need them most. In jeopardy is funding for health care, hospitals, K-12 schools, first responders, higher education and infrastructure, as well as support for New York City, counties, towns, and villages, and the State’s not-for-profit partners who deliver critical services to the State’s most vulnerable populations. We are already taking the first steps to reduce spending impacting tens of thousands in the state workforce while planning for further actions. In the absence of federal aid, we will have no choice but to move forward with these devastating and unprecedented reductions.

Robert Mujica, DOB Director

Municipalities, school districts, and colleges/universities have already taken measures to reduce budget spending. On Monday, the New York State School Boards Association (NYSSBA) urged for more federal funding to prevent cuts to programs and staff.

“Without immediate federal intervention, the economic fallout from the coronavirus pandemic will land on the backs of our students,” said NYSSBA Executive Director Robert Schneider. “The quality of public education in all of our communities – urban, suburban, and rural – is at stake.”

Schneider asked Congress to make $200 billion in federal funding available to public schools across America. “Without additional federal stimulus funding for education, it will likely take our schools years to return to normal,” said Schneider.