Pandemic's Cost in New York: $63 Billion
The grim news was laid out in a report released Friday afternoon by Gov. Andrew Cuomo's budget office: The pandemic has cost New York $63 billion in revenue through 2024 and the state will need federal assistance.
The mid-year state budget report estimated the state's main general fund saw a $14.9 billion decline and a 15.3% loss in tax receipts since the original budget estimate was released in February.
The state has reduced spending through September by $4.3 billion over the same period a year ago. That's been done through restricting hiring, new contracts, pay raises and what the Cuomo administration has said is a temporary holding back of payments by 20%.
Cuomo has warned the state will need federal aid or it will face a mix of spending reductions, tax increases on wealthier New Yorkers and more borrowing in order to close a budget gap next year. So far, another coronaviruse relief measure has stalled in Congress.
Read more: https://spectrumlocalnews.com/nys/central-ny/ny-state-of-politics/2020/10/30/pandemic-s-cost-in-new-york---63-billion
