New York State Economic and Fiscal Outlook FY 2018

February 7, 2017. In its 27th annual New York State budget briefing book, the Fiscal Policy Institute analyzes and comments on Governor Andrew Cuomo’s FY 2018 Executive Budget.

Image of BB coverThis year’s New York State budget negotiations take shape against a worrisome backdrop. The president and congress are threatening to dismantle the Affordable Care Act, make drastic cuts to programs that help millions of New Yorkers, and create a hostile environment for the states four million immigrants. The state has an important role to play to help make life better for all New Yorkers—perhaps, as the Simon and Garfunkel song had it, acting as a bridge over troubled water.

We don’t know what lies on the horizon in terms of cuts to federal programs, but we do know that things are going to change, and likely not for the better. The policy ideas advanced by Washington thus far do not bode well for New York State. One-third, or $54 billion, of New York State’s FY 2018 All Funds Budget is comprised of federal funds. Local governments get another $16 billion. The potential for substantial cuts in domestic spending poses gargantuan challenges for the state budget and budgets of local government entities throughout the state.

In this very worrisome political season, the state government can choose to make life better for New Yorkers or to let them be overwhelmed by the troubled waters flowing from the federal government. The state should provide the bridge to a better future.

Executive Summary

PDF of Complete Briefing Book: New York State Economic and Fiscal Outlook 2017-2018

PDF of Financial Plan Brief

PDF of Federal Funding Brief

PDF of New York’s Pronounced Income Inequality and Regressive Tax Structure Brief

PDF of Economic Development Brief

PDF of Education Brief

PDF of Human Services Brief

PDF of Local Governments Brief

PDF of Immigration Brief

PDF of Shared Opportunity Brief

Other resources:

Testimony at the Joint Legislative Public Hearing on the FY 2018 Executive Budget – Taxes

Initial Statement on the Governor’s Executive Budget proposal on January 18, 2017.

Op-ed on potential ramifications of federal budget changes.