March 2, 2022

Joint Economic and Revenue Consensus Report Released for SFY 2023

Late yesterday, the State Division of Budget posted the joint Economic and Revenue Consensus Report for SFY 2023.

According to the Report, “participants reached consensus on a two-year revenue total range that is $800 million to $1.2 billion above the Executive Budget estimate.”  That means that there is general agreement on the range of funds available to the legislature to spend (above the Executive budget proposal released in January) for the final state budget due April 1, 2022.

We expect the Legislature to release and pass their one house budget/resolutions by Monday, March 14th after which  three-way budget negotiations between the Governor and Legislature will commence.

Here is a link to the Report:
https://www.budget.ny.gov/pubs/supporting/forecast/fy23/fy23-consensus-report.pdf