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What to Look for in the One House Budgets

The New York State Senate and Assembly will soon release their proposals for the fiscal year 2025 budget. Following last week’s revenue consensus, the legislature will be able to propose $1.3 billion more in spending than the executive budget. This additional revenue will allow the legislature to restore many of the budget cuts proposed by the executive budget, especially to school aid and home care. The legislature can, however, go beyond restoring the proposed cuts and put forward deeper investments in public services that address New York’s affordability crisis. These investments will require raising additional revenue.

Fiscal Policy Institute2024-12-19T09:19:57-05:00March 11th, 2024|Featured on Home, Policy & Research, Reports, Briefs and Presentations, State Budget|

Fiscal Year 2025 Budget Briefing Book

ALBANY, NY | February 13, 2024 The Fiscal Policy Institute released its annual briefing on the Governor's executive budget. The briefing analyzes state fiscal and economic trends as well as major policy initiatives in the executive budget. Download the Book

Fiscal Policy Institute2024-12-19T09:19:57-05:00February 13th, 2024|Featured on Home, Policy & Research, State Budget|

FPI: Mayor’s Continued Budget Cuts Are Unwarranted and Fiscally Irresponsible

"Improving tax receipts and new State aid, combined with lower asylum seeker costs and the customary use of annual reserves, are more than sufficient to balance next year’s budget" ALBANY, NY | In response to the New York City Preliminary Budget for Fiscal Year 2025, Fiscal Policy Institute Director Nathan Gusdorf released the following statement: “Given the City’s improving fiscal outlook, the Mayor’s continued budget cuts are both unwarranted and fiscally irresponsible. “Improving tax receipts and new State aid, combined [...]

Fiscal Policy Institute2024-12-19T09:19:57-05:00January 16th, 2024|City Budget, Featured on Home, FPI in the News, Press Releases|

New: Expiring Tax Rates to Drive Down Expected Fiscal Year 2028 Revenue

By Andrew Perry, Senior Policy Analyst January 2024 Approximately $2.4 Billion of FY28 budget gap will be due to the Personal Income Tax and Corporate Franchise Tax surcharge expirations. In the fiscal year 2022 budget, New York enacted temporary increases to the personal income tax (PIT) and corporate franchise tax (CFT) rates. PIT rates were raised for tax filers with more than $1 million in annual income, and new brackets were created for filers with incomes over $5 million [...]

Fiscal Policy Institute2024-12-19T09:19:57-05:00January 16th, 2024|Fact Sheets, Featured on Home, Must Read, State Budget|

State Fiscal Outlook Improves in Mid-Year Update to Financial Plan

As FPI projected earlier this month, Financial Plan update reduces projected FY 2025 budget gap by over 50 percent If current revenue trends continue, next fiscal year's projected budget gap would further narrow

Fiscal Policy Institute2024-12-19T09:19:59-05:00October 31st, 2023|Featured on Home, Financial Plans & Cash Reports, Press Releases, State Budget|