12/19/2023 0 Comments Cost is steep download![]() ![]() Publish basic financial plan tables with the enacted budget and.Maintain or expand the Governor’s Rainy Day reserves plan.Allow temporary tax increases to sunset as scheduled (or earlier). ![]() Restrain SOF spending growth to 2 percent annually.To set the State on a path to fiscal stability and security, the State’s Fiscal Year 2024 Enacted Budget should: The State’s structural gap in fiscal year 2027 widens to $15 billion under the Governor’s proposal and nearly $20 billion under the Legislature’s, absent the benefit of billions of dollars in federal fiscal aids, prepayments, and expiring temporary taxes.Accelerating spending growth opens budget gaps by fiscal year 2027 totaling $7.2 billion under the Governor’s proposal and.The Legislature proposes to add $3.9 billion in annual spending to adjusted SOF above the Governor’s proposal.The Executive Budget proposes to increase spending 3.6 percent in fiscal year 2024 and 4.3 percent annually thereafter, driven by the addition of $2.4 billion in new, recurring spending.Adjusted SOF spending is slated to increase 12.2 percent between fiscal years 20.State Operating Funds (SOF) grew approximately $23.8 billion from fiscal year 2020 to fiscal year 2023, eclipsing growth of $19.8 billion over the prior nine years, when adjusted for timing shifts and spending moved off budget.Delaying action to reduce the State’s fiscal imbalance increases the risks of deep cuts, squandering reserves even without a recession, and uncompetitive tax increases.ĬBC’s analysis of recent State spending and the current proposals found that: While conservative receipt estimates often overstate gaps, the State’s looming problem far exceeds that possibility and coincides with an uncertain economic outlook and continued outmigration. Without appropriate spending restraint, by fiscal year 2027 the State could face structural deficits of $15 billion under the Governor’s plan or nearly $20 billion if the Legislature’s plans are enacted. ![]() ![]() This year’s budget proposals by the Governor, Senate, and Assembly not only fail to address the State’s structural budget imbalance, but make it worse. New York State’s budget has recently grown at an incredible and unsustainable rate, risking future instability and setting the stage for damaging service cuts or counterproductive tax increases. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |