State budget shaping up as embarrassment of riches—for now


Governor Cuomo’s Division of the Budget (DOB) and the Legislature’s fiscal committees have agreed to boost New York State’s revenue projection for fiscal years 2021 and 2022 by $2.45 billion—the latest in a series of upward adjustments that have dramatically improved Albany’s short-term outlook, even as sexual harassment allegations against the governor will complicate negotiations towards a new budget for the fiscal year beginning April 1.

The Consensus Revenue and Economic Forecast issued late last night by DOB splits the difference between the governor’s budget agency, which wasn’t budging from its already improved 30-day amended financial plan outlook, and a very optimistic projection from the Assembly Ways and Means Committee staff, which forecast $5 billion more in revenue through FY 2022. The Senate Finance Committee staff estimate came in a total $3.4 billion higher than the governor’s latest number.

Author(s): E.J. McMahon

Publication Date: 2 March 2021

Publication Site: Empire Center for Public Policy