NYS Reaches Agreement on FY 2024 Budget

A conceptual agreement is now in place for New York State’s Fiscal Year 2024 budget with legislative houses expected to pass bills addressing multiple priorities intended to improve public safety, transform the mental health care system, protect our climate, and invest in children’s future. Based on preliminary changes to the Executive proposal, the total budget for FY 2024 is currently estimated at $229 billion; and the “Enacted Budget will hold State Operating Funds spending under 3 percent in FY 2024 and will increase the State’s reserves to a record level of 15 percent.” Among the highlights noted in the April 27th press release by Governor Hochul’s office, the Payroll Mobility Tax for the largest businesses within New York City is adjusted to 0.6 percent to save the Metropolitan Transportation Authority (MTA) from a “fiscal cliff” and secure long-term stability. In addition to the approximately $1.1 billion generated by the adjusted tax, $300 million in one-time State aid will be provided; New York City will be required to contribute $165 million per year, representing a significant reduction of the initial $500 million figure; and the “MTA will implement a $400 million plan to ‘make their operations more efficient’ and will test fare-free buses for one line in each borough over the course of two years.”

Source:    https://www.governor.ny.gov/news/governor-hochul-announces-agreement-fy-2024-state-budget

Source:    https://www.crainsnewyork.com/politics/new-york-state-reaches-229b-budget-deal-after-weeks-delay