February 27, 2024
Good evening,
An important part of the state budget-making process is the forecasting of how much money each party (Exec, Assembly, Senate) think is/will be available for: 1) the remainder of the 2023-2024 fiscal year, and 2) the new state fiscal year that begins April 1, 2024.
These forecasts will influence what everyone hopes will be a 3-way agreement as to how much money is available to the Assembly and the Senate (and the various joint legislative budget committees) for purposes of adding funds to existing executive budget proposals (example: to add & to the Governor’s 1.5% COLA proposal) or to ‘buy back’ cuts proposed in the Governor’s Executive Budget (example: proposed Health Home reductions). As you will read below, the first step is for the two houses to come to an agreement as to available funds.
We’ll talk more about this during our Thursday morning call later this week.
Two documents linked below fyi.
Senate Finance Report Feb 2024
INFO from RM&S
February 27, 2024
Senate & Assembly Release NYS Economic & Revenue Reports for 2024
Today, both houses released their Economic and Revenue Reports for SFY 2024 and SFY 2025. Please see the reports attached. Both project all funds receipts to be $1 billion above the level estimated by the Executive Budget for SFY 2024. For SFY 2025, the Assembly forecasts nearly $1 billion ($931 million) in additional all funds receipts over the Executive’s forecast, while the Senate forecasts $1.2 billion.
From Senate Report, Finance Chair Liz Krueger:
The Senate Finance Committee staff projects that All Funds receipts, including federal sources, will total $218.4 billion in SFY 2023-24, which is $1.0 billion or 0.5 percent above the level estimated by the Executive Budget Financial Plan. For SFY 2024-25, Senate Finance Committee staff forecasts that All Funds receipts, including federal sources, will total $214.5 billion, which is $1.2 billion or 0.5 percent higher than the Executive Budget Financial Plan forecast.
From Assembly Report, Ways & Means Chair Helene Weinstein:
The Committee projects that total All Funds receipts will reach $232.3 billion in SFY 2023-24, which represents a decrease of $758 million or 0.3 percent, from SFY 2022-23. The Committee’s estimate is $1.0 billion above the Executive’s estimate for SFY 2023-24. The Committee projects that All Funds receipts will total $228.8 billion in SFY 2024-25, a decrease of $3.5 billion or 1.5 percent, from SFY 2023-24. The Committee’s forecast is $931 million above the Executive’s forecast for SFY 2024-25. These differences are largely attributable to differences in economic projections and how these translate into tax receipts.
2024 Economic & Revenue Consensus Forecasting Conference
Tomorrow at 1:30pm, DOB Director Blake Washington and the Chairs and Ranking Minority Members of the Senate Finance and Assembly Ways & Means Committee will jointly convene a consensus economic and revenue forecasting conference as a joint Legislative-Executive meeting to assist the Governor and Legislature in reaching a NYS Consensus Revenue Forecast. Please find more information about the meeting including an agenda here.
Following the meeting, a joint report will be issued containing a consensus forecast of the economy and estimates of receipts of the current and ensuing Fiscal Year, which may include an agreement on additional funds to be available above the Executive Budget level for the SFY 2024-25 final budget.
We will keep you updated as these discussions continue.