“Governor Hochul introduced her executive budget while many New Yorkers continue to struggle to make ends meet and concerns of a recession grow. Inflation is still too high, and New York still has not regained all the jobs lost during the pandemic. Federal relief aid has provided critical support to the state budget, but will be depleted by the end of the financial plan. New York needs to fund essential programs and services that support quality of life in our state, while also ensuring the long-term sustainability of the state’s finances.
“With two months left in the state’s fiscal year, tax collections remain relatively strong, exceeding the Division of Budget’s mid-year projection by $7.7 billion through December. These funds should be used wisely in this shifting economic landscape, and I am pleased the Governor has continued her promise to increase rainy day reserves. Robust increases to reserves will better prepare us for future downturns and challenges.
“I remain concerned about New York’s high debt burden and how it hinders our future, which is why I proposed a roadmap for reform to impose meaningful limits on debt and ban backdoor borrowing. This proposal can serve as the basis for discussion and action to give more power back to voters and return to prudent debt limits and practices.
“My office will release a more detailed analysis of the Executive Budget in the coming weeks.”
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