Governor Andrew M. Cuomo issued his Executive Budget Proposal late last night for State Fiscal Year (FY) 2018 (April 1, 2017 through March 31, 2018). Following the Governor’s news briefing at the Executive Mansion, the Budget bills were made available for the public to review on the New York State Division of Budget (DOB) website.
The Executive Budget Proposal sets overall spending at $152.38 billion for FY 2018, about $5 billion, or 3.4 percent, higher than FY 2017. This represents an overall growth in the State Budget of 1.9 percent, which is within the State’s 2 percent spending cap, plus additional spending for education and Medicaid, which are outside the 2 percent cap. The proposal increases Medicaid spending by $567 million.
Major Focus on Middle Class Tax Relief, Jobs, and Infrastructure Investment
The Governor proposes to extend the State’s “millionaire’s tax,” which is set to expire this year, in order to implement a number of middle class tax cuts and initiatives. Many of these proposals, such as making SUNY and CUNY college tuition-free for New Yorkers whose families earn less than $125,000 a year, were announced last week in the Governor’s regional State of the State presentations and in the State of the State Book submitted to the New York State Legislature.
The Governor’s Budget also includes major investments in tourism, infrastructure and economic development, including $2 billion for clean water infrastructure over the next five years, and capital projects across the State, including upgrades and expansions of roads, bridges, airports, train stations, and transportation hubs.
Learn more in the January 20, 2017 issue of the HCP Insider.