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The state of New York is facing a $2.3 billion shortfall — that’s billion with a B, heading into the new fiscal year.
“This is the most serious revenue shock the state has faced in many years,” said the state’s comptroller. The news imperils Cuomo’s budget which was introduced not 3 weeks ago.
Footage - Governor - Office
Live footage from the Governor’s office:
The Buffalo News has more:
Situation - Heart - Attack - Governor - Revenues
Calling the situation “as serious as a heart attack,” the Democratic governor said revenues are $2.3 billion below projections for the fiscal year that ends March 31. That is on top of a $500 million revenue dip from personal income taxes that the Cuomo administration recently projected when it put together a budget plan last month.
Whether the situation continues or improves is unknown, as is how the Cuomo administration will deal with the gloomy tax receipts in both the current and next fiscal years.
Timing - Announcement - Capitol - Lawmakers - Governors
The timing of the announcement at the Capitol was not accidental. Lawmakers, who traditionally want to spend more than governors, are getting down to the nitty-gritty work of coming up with some budget alternatives – including more money for public schools – to Cuomo’s plan. It comes before a final “cash report” on January’s spending and tax revenues is complete, but Cuomo aides get daily numbers from the tax department on receipts.
State Comptroller Thomas DiNapoli, a former member of the Assembly who sat next to Cuomo in the ceremonial Red Room of the Capitol, said lawmakers need to be aware of the unfolding fiscal situation.
Revenue - State - Years - DiNapoli
“This is the most serious revenue shock the state has faced in many years,” DiNapoli said,...
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