Statement on Governor Hochul’s Announcement of a Budget Agreement
Budget agreement includes serious fiscal missteps that will undermine the State’s ability to weather federal funding cuts
Budget agreement includes serious fiscal missteps that will undermine the State’s ability to weather federal funding cuts
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.
The proposed “inflation rebate” will not offset NY’s cost-of-living squeeze
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.
The governor's policy agenda lacks a strategy for structural reforms to lower the cost of living
The Superfund is a fiscally sound mechanism for upgrading our statewide infrastructure in the face of urgent climate challenges, and FPI commends the governor and legislature for successfully working together to enact it.
Last month, both the Senate and Assembly of the New York State legislature passed the Climate Change Superfund Act (S.02129). The Act, first introduced during the FY 2022 budget cycle, would require the largest fossil fuel companies to pay a total of $75 billion — to be paid over 25 years in $3 billion annual increments — to New York State.
The First Quarterly Update to the State’s financial plan indicates the State remains on strong fiscal footing, with modestly higher revenue than projected in the Enacted Budget financial plan and lower spending than expected. Measured as a share of total state personal income, State spending is set to fall, and is on par with its fiscal year 2016 level.
Governor Hochul’s directive to the MTA to 'indefinitely pause' planned congestion pricing for New York City, and her proposed alternative revenue sources, are ill-advised tax and economic policy.
Governor Hochul’s directive to the MTA to 'indefinitely pause' planned congestion pricing for New York City, and her proposed alternative revenue sources, are ill-advised tax and economic policy.
Governor Hochul’s directive to the MTA to 'indefinitely pause' planned congestion pricing for New York City, and her proposed alternative revenue sources, are ill-advised tax and economic policy.
The Fiscal Policy Institute today released a new report in its state migration series, "Who Is Leaving New York State? Social and Labor Characteristics", which finds that affordability — and in particular housing and the cost of raising a family — are increasingly driving State population loss.
The fiscal year 2025 enacted budget totals $237 billion, an inflation-adjusted decline of 0.4 percent from fiscal year’s 2024 total budget. In non-inflation-adjusted terms (nominal dollars) this represents an increase from fiscal year 2024’s total budget of $231.6 billion.
Under the fiscal year 2025 executive budget, inflation-adjusted state funding would fall for a third consecutive year. While State spending rose in response to Covid, it will return to its pre-Covid trend by fiscal year 2025.
The fiscal year 2025 enacted budget totals $237 billion, an inflation-adjusted decline of 0.4 percent from fiscal year’s 2024 total budget. In non-inflation-adjusted terms (nominal dollars) this represents an increase from fiscal year 2024’s total budget of $231.6 billion.