NYS FY 2023-24 Enacted Budget Indicates Further Decline of Revenue Projection

On May 2, 2023, New York State enacted its State Fiscal Year (SFY) 2023-24 budget projected to total $223.9 billion, representing a delay of more than one month, and the first budget in more than a decade that was not adopted on a timely basis. According to the report released by the New York State Comptroller’s Office, the SFY 2023-24 budget includes new recurring spending on critical services, as well as temporary programs which will increase spending, while revenues are projected to decrease for the second consecutive year as temporary federal COVID-19 aid is depleted and tax collections decline. On a positive note, after falling well under national medians by the end of SFY 2018-2019 with “respect to the rainy-day balance as a percentage of General Fund spending metrics,” the state has since made progress increasing the size of reserve funds, but it still remains below the national median.

Source:    https://www.osc.state.ny.us/files/reports/budget/pdf/enacted-budget-report-2023-24.pdf