August 2, 2022
As you may know, NYS publishes quarterly fiscal updates that correspond to how the state is doing relative to the current budget we are living with.
Here’s a link to the July Update that was just released: https://www.governor.ny.gov/news/governor-hochul-announces-update-state-budget-financial-plan-reflecting-changes-national
The Empire Center published an article (linked below) that provides an interesting analysis and commentary on how quickly the state’s positive fiscal position has changed and why. And it has.
Last year with the release of her proposed executive budget, the Governor stated for the record that she would not make proposals or make investments and fiscal promises in her budget that she did not believe the state could continue in the ‘out years’. But I don’t think the Governor was counting on a prolonged economic recession.
I think the next state budget making cycle may be a bumpy ride.