State Budget

State Ends Year with $6 Billion over Projections

New York State’s fiscal year 2025 ended on March 31 with good news for the State’s coffers: Total receipts for the year came in $6.0 billion higher than forecast as of January 2025, and a full $12.3 billion higher than forecast at the beginning of the fiscal year in May 2024. As we enter the final stage of budget negotiations, this additional revenue will allow the State to prepare for federal funding cuts by investing in the MTA, childcare, NYCHA, and other critical services and infrastructure.

Fiscal Policy Institute2025-04-22T13:38:13-04:00April 21st, 2025|Featured on Home, State Budget, Tax & Budget|

Preventing a NYCHA Budget Crisis

The New York City Housing Authority (NYCHA) houses over 500,000 New Yorkers and receives a majority of its funding from the federal government, leaving it especially at risk of impending federal budget cuts. New York State must be prepared to fill gaps in both the operating funding and capital funding for NYCHA.

Emily Eisner2025-04-08T17:01:00-04:00April 8th, 2025|City Budget, Housing, Policy & Research, Reports, Briefs and Presentations, Social Policy, State Budget|

The Urgent Need to Raise Unemployment Benefits

Unemployment insurance stabilizes the state economy during economic downturns, but New York’s UI system has been insolvent for decades and UI benefits are inadequate to keep workers out of poverty.

Emily Eisner2025-04-09T14:34:17-04:00April 7th, 2025|Economic Trends & Policy, Labor Market & Workforce, State Budget, Tax Policy|

How to Fund the MTA

Lawmakers must look to progressive revenue sources for MTA funding

Nathan Gusdorf, Andrew Perry2025-04-04T14:20:31-04:00March 25th, 2025|Must Read, State Budget, Tax Policy|

Annual Briefing on the Executive Budget

FPI released its annual report on the Executive Budget for Fiscal Year 2026

Fiscal Policy Institute2025-02-20T18:46:05-05:00February 20th, 2025|State Budget|

Medicaid Enrollment: Getting the Facts Straight

Stories of a New York Medicaid enrollment crisis are difficult to square with other data. Census data shows that 47.0 percent of New Yorkers were covered by employer-sponsored insurance in 2023; that’s slightly below the national average of 48.6 percent, but certainly not a crisis

Michael Kinnucan2025-02-16T13:36:08-05:00February 15th, 2025|State Budget|

Strange Accounting: Understanding the Growth in New York’s Medicaid Spending

The Executive Budget projects total state-share Medicaid growth of 17.1 percent, or $6.4 billion – an extraordinary rate of growth. Department of Health Medicaid spending alone is projected to rise by $4.3 billion or 13.7 percent. Yet enrollment has declined sharply over the past 18 months and is projected to remain virtually flat this year. What explains this dramatic divergence between spending and enrollment?

Michael Kinnucan2025-02-16T13:36:59-05:00February 15th, 2025|State Budget|

FPI’s First Look at the Executive Budget

Video of FPI's first look at the fiscal year 2026 executive budget

Fiscal Policy Institute2025-01-29T18:23:02-05:00January 29th, 2025|State Budget|

How Does the Inflation Rebate Stack Up?

The proposed “inflation rebate” will not offset NY’s cost-of-living squeeze

Emily Eisner2025-01-29T18:19:26-05:00January 29th, 2025|Fact Sheets, State Budget|

Fact Sheet: The 2026 Executive Budget’s Fiscal Outlook

The executive budget makes significant upward revisions to its expected revenue for both the current and upcoming fiscal years (fiscal years 2025 and 2026, respectively), raising anticipated tax receipts by $4.6 billion and $4.1 billion from the levels projected in the fiscal year 2025 enacted budget financial plan. Strong personal income tax receipts drive higher-than-anticipated revenue.

Andrew Perry2025-01-29T10:50:00-05:00January 29th, 2025|State Budget|

Statement on Fiscal Year 2026 Executive Budget

Governor Hochul today released her executive budget for fiscal year 2026, which reflects an overdue recognition of the State’s strong fiscal position and capacity for making new public investments in order to ease cost of living pressures for working New Yorkers.

Fiscal Policy Institute2025-01-21T21:28:50-05:00January 21st, 2025|Press Releases, State Budget|

What to Expect in the Budget: Housing Policy

The fiscal year 2026 budget cycle is upon us and “affordability” is taking center stage. The mandate to address the rapidly rising cost-of-living in New York has never been more urgent, with consumer prices up about 20 percent since 2020. The cost of housing, in particular, has skyrocketed in the years since the Covid-19 pandemic, with home prices up over 50 percent—making housing costs the number one priority for addressing affordability in New York.

Emily Eisner2025-01-31T14:33:57-05:00January 20th, 2025|Housing, State Budget|

What to Expect in the Budget: Healthcare

Healthcare didn’t take center stage in Governor Hochul’s State of the State address this week, but that doesn’t mean it won’t be central to New York politics this session. After all, rising healthcare costs are a key component of the affordability crisis squeezing New Yorkers, with premiums for individual and small-group health insurance set to increase by 12.7 percent this year.

Michael Kinnucan2025-01-19T10:55:58-05:00January 19th, 2025|Healthcare, State Budget|