Fiscal year 2025 budget in context

March 2024

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.

While this increase is a step up from the spending level proposed by the fiscal year 2025 executive budget, it represents continued fiscal restraint. Fiscal year 2025 spending will fall to be on par with fiscal year 2022 spending, after adjusting for inflation. Spending as a share of the state economy is also likely to fall.

While the state has not published its state operating funds spending total, FPI expects state spending in fiscal year 2025 to be $130 billion, on par with its fiscal year 2024 level, after adjusting for inflation. FPI’s estimate assumes that fiscal year 2025 federal funding will exceed executive budget projections by $3.6 billion as a result of the tax on Managed Care Organizations.

  • Budget gaps: The State’s forecasted budget gaps are based on extremely low revenue projections compared to both recent state trends and national economic forecasts.
  • Millionaire population: New York’s millionaire population grew by 27.5 percent
    (15,100 millionaire households) from 2020 – 2022.
Major Housing Policy Proposals
Major Healthcare Proposals
Major Education Proposals
Major Climate Proposals

[1] This includes unrestricted general fund balances, but excludes PTET and labor agreement reserves. Fiscal year 2025 executive budget financial plan and March 2024 State Comptroller monthly cash basis report.