Gov. Kathy Hochul presents her fiscal year 2024 executive budget proposal in the Red Room at the state Capitol.
Mike Groll/Office of Gov. Kathy Hochul
Gov. Kathy Hochul unveiled a $227 billion budget Wednesday that has something for everyone, and something almost everyone will dislike — especially the progressives who dominate the Democratic majorities in Albany.
The plan increases spending across the board but puts much of the $8 billion in unexpected tax revenue from the current year into reserves and tries to convince legislators that economic headwinds are likely to bring revenue growth to a halt.
Hochul proposes to bail out the Metropolitan Transportation Authority with an increase in payroll taxes paid by employers in the New York City commuter region (the city and suburbs that Metro-North and LIRR cover) and licensing fees to be paid by new gambling casinos in the city. She’s also demanding $500 million more per year from the city, while offering $300 million in new state aid.
She also urges raising the state’s minimum wage, currently $15 an hour in most of New York, by indexing it to inflation, and seeks to extend an expiring increase in corporate taxes for three years — but ignored proposals from progressive and tenant groups for big increases in state spending.
Acting Budget Director Sandra L. Beattie said caution is needed to deal with the grim forecast for the coming fiscal year, which begins April 1.
“Tax collections are expected to peak in the current year and fall in fiscal 2024, and we are harvesting the gains to prepare for the uncertainties ahead,” Beattie warned.
The entire budget includes both state revenues and federal aid, with state-funded programs increasing by 2.4%, or $327 million, from this year’s budget, and would be balanced.
It puts half the unexpected revenue increase into the state’s major reserve funds, and another $1 billion into a debt reserve fund. The rainy-day funds will reach 15% of spending in the next fiscal year — two years earlier than the governor had previously proposed.
At the same time, the budget reduces expected revenues for fiscal 2025-2027 by almost $20 billion, opening gaps in those future budgets to $22 billion. Leading fiscal experts warn of the risks of increased spending, as Hochul’s proposal goes to state lawmakers angling to increase spending.
“The governor’s proposal usually sets the floor in negotiations with the legislature,” said Andrew Rein, president of the nonprofit Citizens Budget Commission. “All New York State leaders should focus not just on today, but on protecting generations of New Yorkers from a future downturn and self-made fiscal crises arising from unaffordable spending or counter-productive taxes.”
The MTA bailout plan, designed to close an expected $3 billion budget deficit in 2025, illustrates the governor’s on-the-one-hand, on-the-other-hand-strategy.
Both the Riders Alliance and the Permanent Citizens Advisory Committee to the MTA hailed the governor’s proposals to boost transit funding. But while city Comptroller Brad Lander praised the tax increase and diversion of casino revenues, he also strongly objected to the request for an additional $500 million in city aid to the agency.
Mayor Eric Adams said he intended to study the implications of the budget.
In an emailed statement, Adams said, “While we are reviewing the details of Governor Hochul’s budget proposal, it is clear that there are many victories worth celebrating, particularly in the areas of [addressing] serious mental illnesses, addressing our housing crisis, and strengthening the entire ecosystem of public safety.
“There are also areas of uncertainty that will require deeper review,” he said.
Jackass is giving over $1 Billion dollars for illegals and only 300 million for crime. .And thats is NOT FOR COPS.
Its mostly for stupid social programs with the intent of if you hand criminals some love, social workers, hip hop museums and "talk workshops" is will keep them from robbery, gang banging, gun crime and hooliganism.
This is perhaps the stupidest clueless woman on the planet !!
Great that a NY Governor is going to tie the minimum wage to inflation. Of course, the corporate wing of the Democrat party as well as the Q-Anon party will hate that.
Anything that helps regular working people really pisses off the Q-Anon's. They'd much rather another tax break for the rich while in turn blaming inflation on the poor.
"She also urges raising the state’s minimum wage, currently $15 an hour in most of New York, by indexing it to inflation"
Lol! Leading to more off the books work (we have a never ending supply of illegals to do the work), which means LESS taxes coming in. Also, will they index to the bullshit government inflation numbers -- 6.5% ish -- or the real world number which is more than double that?
Hey, don’t look for logic or common sense. They died !
The People's Republic of New York is doomed. They spend like it's going out of style yet their policies are driving people and businesses out of New York.
How soon until they run out of money?
Hochul the Horrific will grind us into the ground.
Get the MTA tax off of my property tax bill!
Get the MTA tax off of my property tax bill!
Get the MTA tax off of my property tax bill!
This payroll tax is going to hurt the job creators and ultra wealthy. They’re all going to pack their bags and move to Nebraska if we’re not careful!!!
@Kiatara are you awake when you post here on Kweens Krap. Tax Payers are leaving DemoRat run Cities and States in record numbers. If you were to do some "REAL" research you might stop supporting the narrative.
This happens only in putrid Democrat controlled Cities and States.
Meanwhile, it’s business as usual with bike Nazis.
I expect the Sheeple to nod in agreement with this Clown.
Listen to Me said...
I'll write this for the 1,501th time DemoRat Communist do not care about you wake up.
Her budget is for useless garbage stuff working class don't need.
Doesn't this stupid woman know 10,000 criminal cases were dismissed because the courts didn't have the resources to hear them.
Bragg ran with that and the result? .. 10,000 criminals had all charges completely tossed out and wiped.
After knowing all the above Hotchel tossed a couple penny's (for show) at the police and courts yet set aside 1 Billion for immigration matters.
She has the priority's ass backwards like the retard mayor.
Whats wrong with these people? Is the water in Albany, city hall and the municipal building spiked with California politician dumb dumb juice?
Actually New York is now worse then California
NYC is back!! LOL...
Did she just found out all of her FTX (COVID) Money is gone ?
The MTA tax is on most utility bills as well. So when that increases so does those bills including the property tax.
This happens only in putrid Democrat controlled cities.
She’s coming to take your gas stoves too!
Run for the hills before it’s too late!!!
It’s so cold because the earth is getting warmer
Obviously, This Clown is a diversity hire.
Every major city has crime it’s inevitable. But you have to look what the police, the politicians and D.As office is doing about it. In New York’s case…..NOTHING. Action speak louder than words. But simply stated, New Yorkers have placed themselves in this position by constantly voting for people in government that have transformed New York to what it is today. PERIOD…..
@“ The MTA tax is on most utility bills as well. So when that increases..”
I don’t know. I’ve got solar panels.
It's one big club and we ain't in it.
@Kitara said Your trolling is sad very sad....
The Congress recently gave her the $$$ to fix the trains and infrastructure in the recent passed Ommibus Bill
She blew 78% of it on a stadium located in a poverty ridden arctic shithole some million miles north (where weather only allows use it 1 month a year) and immigration bullshit for criminals who broke into and are now trespassing in this country.
They get EBT cards loaded to $1,500, Medicaid + a $420 a day room with maid, Internet, phone, TV, chef and laundry service wile taxpayers eat beans and pay $2500+ a month rents?
Stupid New York voters will now be taxed till broke and gotta move out.
If this dumb bitch, Bidon and the mayor want to destroy New York that bad why not just invite all of South and Central America here and sink the whole dam state into the Atlantic Ocean with the Chinese weather balloon.
What’s happening is not manageable or sustainable without implementing full blown communism. As in total confiscation and re-distribution of wealth and property.
The worst part about this is these illegals are not compatible with modern civilization, laws, capitalism, they just want free stuff.
Single Men kicked out of a hotel and sent to a shelter because they cant leave women and children alone (rape in stairways and elevators reported in the news) and now these 700 illegal criminals who got booted don't like the men only shelter, free food and clothing we are giving them.
Governor clown sends these rapists, gang bangers and criminals $6 million dollars as a reward?
Simple math and physics (Im sure these wookie Woke assholes at city hall and Albany can not understand)
You cant fit & assimilate 55 gallons of shit into your BLT sandwich. Not even if you cremate it all into ashes
The Left is so full of lies it oozes out of their pores.
@“ The Left is so full of lies it oozes out of their pores.”
I thought this congestion pricing was going to help out the MTA?
Post a Comment