NY: Governor Hochul Presents $227 Billion Executive Budget for Next Fiscal Year
Governor Kathy Hochul on Wednesday released a $227 billion Executive Budget, her proposal for the 2024 fiscal year, which begins April 1, including major initiatives on mental health, affordable housing, public safety, and investments in “the New York Dream” to support seniors, young adults, parents, veterans, entrepreneurs, and others.
“It's a thoughtful plan that furthers our progressive values and our priorities as New Yorkers, but also ensures fiscal responsibility,” said Hochul, a Democrat who just won her first term in the office, in her speech, delivered from the Capitol in Albany, where she was flanked by top aides. “Our $227 billion budget will include unprecedented investments in areas that will make a positive impact in people's lives, that'll make the New York Dream real, and as I said, make it safer, more affordable. more livable.”
Hochul’s budget, which will now become the focus of legislative hearings and negotiations with the Legislature’s two Democratic supermajorities, presented fiscal details behind the policy agenda she laid out in her State of the State speech on January 10. The overall state budget is $227 billion, an increase of $5.4 billion, or 2.4%, over the budget that was adopted last April. The proposed budget includes $125.2 million in state funds, an increase of $2.5 billion, or 2%, and $80.3 billion in federal operating funds, a decrease of $2.6 billion, or 3.1%.
Despite the after-effects of the pandemic, New York’s economy has performed better than expected. The state Division of Budget projects that tax receipts will be about $5.9 billion higher than projected in the mid-year budget update issued in November, leading to a total surplus of $8.7 billion by the end of the current fiscal year.
https://www.gothamgazette.com/state/11817-governor-hochul-227-billion-executive-budget-new-york
