Gov. Hochul’s Proposed $233B State Budget Boosts Support for Migrant Crisis
New York State’s $233 billion state budget proposal for Fiscal Year 2025 (FY25) was unveiled by Governor Hochul on Tuesday, January 16, 2024, representing a 4.5% increase of all funds spending, but would avoid new taxes. New York State continues to maintain a bond rating of AA+, reducing borrowing costs. The proposed FY25 budget will increase state support for addressing the migrant and asylum seeker crisis in New York City to $2.4 billion, representing a 26% increase of the $1.9 billion allocated over the past fiscal year. A total of roughly $7.92 billion has been allocated primarily for operating aid for the MTA of which a $16 million portion is for a feasibility study in support of moving forwarding with a westward expansion of the planned Second Avenue Subway extension to 125th Street, adding stations at Lenox Avenue, St. Nicholas Avenue and Broadway for convenient connection to the 1, 2 ,3, A, B, C and D lines along with numerous bus routes.
Source: https://www.governor.ny.gov/news/governor-hochul-announces-highlights-fy-2025-budget