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Hochul holding spending increases

Sep 25, 2023 12:51 pm

Ryan Whalen reports in New York State of Politics that Gov. Kathy Hochul said there would be no budget increases in 2024. Hochul said, "I just told all my agencies yesterday, hold the line on spending." Budget times are getting tougher, and Hochul says she has increased state reserves from $3.9 billion to $19 billion since she becoming governor. But she does not plan on using those reserves now. Hochul said, "When that rainy day comes, I don't want to have to be in a position to either raise taxes or cut services dramatically." Empire Center for Public Policy Research Director Ken Girardin said New York's spending rate has nearly doubled over the last three years, and overly optimistic tax revenue projections have put the state in a hole. Girardin said, "That created a pretty big gap between where spending is expected to go next year and what money the state is going to have to pay for that.... There's about a $10 billion difference between revenues and expenses.” But Fiscal Policy Institute Executive Director Nathan Gusdorf said.the sales tax revenues have been strong. Gusdorf said, "We think that those projections of future budget gaps are really driven by one month of bad tax receipts and that the fiscal picture has been steadily improving since those projections were turned out." Read more about this story in New York State of Politics.

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