ALBANY – Gov. Kathy Hochul signed off on a record-smashing $254 billion state price range deal Friday — although a scarcity of transparency within the price range course of and an unsure financial image may solely see it soar greater.
The price range is $15 billion greater than final 12 months, or a virtually 6% soar.
However the governor’s price range workplace traditionally doesn’t instantly launch a breakdown of prices and anticipated income to again up the projected determine.
“As reported previously, the All Governmental Funds number for Fiscal Year 2026 is projected to be $254 billion,” a rep for Hochul’s price range workplace informed The Put up.
So some sources within the legislature, with out giving specifics, warned that quantity may balloon barely when the up to date monetary plan is printed.
“Things can shift and move a little bit, but I think that’s just another piece of evidence as to why they should publish a basic version of the budget tables before they even vote on the spending plan,” stated Patrick Orecki, Director of State Research on the Residents Finances Fee, to The Put up Friday.
Whereas Orecki says he doesn’t see any proof to counsel sneaky price range gimmicks are at play right here, the spending plan can also be prone to vital broadsides from the feds and the financial system total.
State Comptroller Tom DiNapoli ripped Hochul and the legislature for ignoring potential looming crises whereas planning to spend extra, together with a virtually $7 billion switch of funds out of reserves to repay debt owed to the feds for a pandemic period mortgage to assist cowl unemployment insurance coverage advantages.
“The time to develop a strategy and structural reforms is before a crisis, yet this budget includes no serious cost-containment measures,” DiNapoli wrote in an announcement Friday.
Hochul insisted earlier this week that spending the reserves was essential as a result of she says the state is within the midst of an financial downturn, which she blames on President Trump.
“I’m doing this to help the businesses prepare to weather the storm that we are entering. I think we’re in for a recession,” Hochul stated.
