Most fiscal experts in New York oppose either pushing off payment of its own $4.5 billion in short term debt or repaying it with long-term bonds. This multi-billion dollar hole is created in large part because economic activity in March, April and May ground to a virtual standstill. Andrew Cuomo's budget office on Thursday released a progress report for the state budget through the first quarter, detailing the financial wreckage created by the pandemic-induced recession. Find more details about upcoming events here. Cuomo often claims the state faces a $14.5 billion shortfall, which is the expected plunge in revenue from what the governor estimated in his budget proposal early this year. Cuomo has said cuts to broad categories like schools, health care, and local governments are possible. But even his budget director says using the funds would merely worsen the state’s financial crunch in coming years — including an unprecedented $16 billion hole in the next state budget. Time is short because it is halfway through the fiscal year, while most states are only three months through theirs. State works with schools to find alternatives to quarantine-disrupted placements on hospital wards where students get vital training. Cuomo often claims the state faces a $14.5 billion shortfall, which is the expected plunge in revenue from what the governor estimated in his budget proposal early this year.
New York had $6 billion budget hole prior to when the pandemic hit.
California Consumer Do Not Sell My Personal Information. Andrew Cuomo has quietly amassed enough money to avoid major cuts to this year’s $177 billion spending plan. "Why would you make one state raise taxes and put it at a competitive disadvantage with other states?". Without those, it balloons to $16 billion.
But that budget gap was due in part to automatic spending increases that were timed to take effect this fiscal year.
Cuomo Plays Budget Waiting Game with NYC Potentially Billions in the Hole, Sign up for the If more federal aid arrives, the withheld money would be paid. New Jersey passed a budget last week that uses $4.5 billion in borrowing to cover part of its budget gap. If not, it won’t.
Ward illustrated the consequences by pointing out that the long-term bonds the state issued in the early 1990s to eliminate an annual deficit won’t be paid off in 2025. The third-term governor is facing calls from advocates and from within the Democratic-controlled Legislature to hike taxes on the wealthy to soften the blow. The crucial lever is the 20% it is withholding in payments to localities, nonprofits and others with state contracts. Get updates from New York and beyond on the virus. But the spending plan adopted in early April had already reduced expenditures and left the state about $10 billion short of what it budgeted. Please consider joining us as a member today. Check the latest closings and delays for schools, business, and churches around CNY and the Mohawk Valley.
It's not clear how long those fixes will last before the financial dam bursts, however. Fiscal experts remain unconvinced waiting is the right approach.
Exactly halfway through the state’s fiscal year, Gov. We’re here to listen. âThe Federal government must put an end to its months of dithering and deliver funding to states because if they donât the temporary withholdings turn into permanent reductions, which would have devastating impacts on schools, hospitals, police and fire departments, along with other critical services, and weaken New York Stateâs ability to lead the national economic recovery as the producer of nearly 10% of national GDP.â.
Our new Spectrum News app is the most convenient way to get the stories that matter to you. New York is also one of seven states on the Fitch Ratings list of states whose bond ratings could be downgraded, a sign of the state’s precarious finances.
The rise of infections in his neighborhood and others has only heightened the urgency. Last week, for example, the Treasury Department allowed the money to be used to pay correction officer salaries. When the governor decides on a final plan, the Legislature has 10 days to come up with an alternative.
The Cuomo administration insists it has aggressively attacked the problem and put the state in a position to wait for a resolution of the fight over aid in Washington. Gov. “But unlike New Jersey and so many other states, they have much shorter time” to deal with the crisis. “It just props up spending you can’t afford,” said Rein. Sign up and get the latest stories from THE CITY delivered to you each morning. But the spending plan adopted in early April had already reduced expenditures and … Not everyone shares Mujica’s optimism. “If we haven’t made it clear, we will make it more clear that our intent is not to fill the gap,” Mujica said. Tax receipts dropped by 15.3 percent from a budget forecast first made in February. The dauting math for New York won't just be fixed with a tax hike triage, but a budget surgery that uses multiple tools. Download it here. Cuomo has opposed an increase in the state’s 8.82% rate, which affects single people making more than $1 million and couples at $2 million, arguing it would encourage the wealthy to relocate to other states. The State of New York does not imply approval of the listed destinations, warrant the accuracy of any information set out in those destinations, or endorse any opinions expressed therein. Layoffs are already being considered in mutliple school districts across the state. Budget gaps in future years are expected to take extend into the billions of dollars as well.
Andrew Cuomo's budget office on Thursday released a progress report for the state budget through the first quarter, detailing the financial wreckage created by the pandemic-induced recession.
"I'm not giving up on the federal government funding," Cuomo said at the news conference. The report estimates money in the state's general fund declined by $14.5 billion. New Jersey’s budget also raised the top income tax rate on the wealthy, to 10.75% from 8.97% on earnings over $1 million — a demand of many Democrats in New York’s legislature.
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