January 18, 2022
No budget bills online as of 12:03 pm. Please find highlights from the Governor’s Budget Address (ended at 11:25 and was 25 minutes in duration) below.
First, Governor stated New York is in a positive financial position due to increased tax receipts, Wall Street performance, and federal rescue plan funds. Forecast remains optimistic through 2027 allowing the Governor to pursue bold, necessary investments.
Governor Hochul has proposed a balanced budget at $216B that includes (but is not limited to) the following:
- $2 billion for Pandemic Relief Initiatives
- Accelerate $1.2 billion Tax Cut for the Middle Class
- $2 billion Property Tax Rebates for Middle Class
- $32.8 billion Capital Plan, Road, Bridges, Transit Options
- $1 billion to repair potholes across New York
- $10 billion investment in health care to rebuild the health care workforce, including $1 billion in bonuses
- $1.6 billion in upgrades for health care facilities
- $31 billion for our Schools
- $1.4 billion for Child Care Assistance
- $1 billion to support Small Businesses
- $1.5 billion for SUNY and CUNY
- $150 million for additional Tuition Assistance (TAP) to include incarcerated New Yorkers
- $4 billion for Clean Water, Clean Air and Environmental Assistance
- $25 billion (over 5 years) for Housing to include 10,000 Housing Units for vulnerable populations
- $224 million to Reduce Gun Violence
- $400 million for multi-year Opioid and Addiction Services
Notes: Executive aware of risks associated with potential economic downturns. Governor moving the state to reserve approximately 15% of the state’s base budget for rainy day. Governor also stated the commitments in her executive budget proposal do not create out year spending deficits. All proposals are either supported by federal funding or are based on reasonable future revenue projections.
More to follow.