NY Governor Andrew Cuomo
ALBANY – It’s anther big week in New York’s capitol city, as Gov. Andrew Cuomo prepares to present his budget for the 2014-2015 fiscal year on Tuesday.
While the budget presentation is still more than a day away, some details about the spending plan have already been leaked to the media. According to Newsday, Cuomo’s budget will boost school spending and cut business taxes by banking, in part, on future surpluses.
Cuomo enters his re-election year promising to increase education and Medicaid spending by 4 percent each. During his recent state-of-the-state speech, he said he wanted to keep state spending growth under 2 percent. He also vowed to fund some economic development items but has said little about funding other initiatives, such as expanded prekindergarten programs and a taxpayer-supported campaign-finance system.
The state budget has gone from a deficit a few years ago to basically break-even by the start of the April 1 fiscal year. By 2017, Cuomo says, New York could have a $2 billion surplus — if current trends hold.
But according to State Comptroller Thomas DiNapoli, while the state economy is improving, it’s not doing so quickly. On Friday DiNapoli reported that state revenue, through the first three quarters of the fiscal year, is up $2.6 billion from the same period a year earlier. However, it is $534 million less that what the Cuomo administration projected. Government spending also is down, helping the state’s bottom line.
Cuomo is expected to propose a roughly $138 billion budget. Once presented, it will go to the Senate and the Assembly for deliberation, where lawmakers will have until March 31 to finalize the budget.
Cuomo’s budget presentation will be made at 2 p.m. on Tuesday and will be available for viewing live on the governor’s website.
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