RMS: SFY ’21 Budget Consensus Revenue Report Released

March 1, 2020

The following comes from our external government relations consultants – Reid, McNally, and Savage, regarding the revenue agreement lawmakers arrived at over the weekend.

Today as required, the Governor and Legislative Leaders released their SFY 2021 Consensus Economic and Revenue Forecast Report, following the Revenue Forecasting Conference held February 27th.  The report can be found at the following link.

https://www.budget.ny.gov/pubs/press/2020/ercfc/ec-rev-forecast-fy21.pdf

Participants reached a consensus on a two-year (2020 and 2021) revenue total of $700 million above the Executive Budget.  The Report also noted the following factors could affect actual results over the next 13 months:

• Growth in financial sector bonus payments in the first quarter of SFY 2021; and
• Any Federal Reserve interest rate changes and their impact on sectors and tax receipts.

We will share further budget updates as we have them.