Assembly Minority Leader James Tedisco (R,C,I-Schenectady-Saratoga) and his colleagues today released their state revenue projection for the next fiscal year. The Assembly Minority Conference estimated the state will take in $38.6 billion in tax revenue for the 2008-09 fiscal year and $39.7 billion in 2009-10. But New York State continues to spend more than it can afford while creating a huge debt and a multi-billion dollar deficit. According to Governor Paterson's estimates, the shortfall could grow to more than $69 billion in 2012-13.

"There is no question that New York spends too much and borrows too much," Tedisco said. "We are currently facing a budget deficit of at least $13.6 billion, with debt of $54 billion. Because some of the state's largest revenue sources continue to decline each year, it is imperative that we strive for a system that is leaner, more effective and ensures that taxpayer dollars are spent wisely."

"For those who think the Stimulus Package from the federal government will solve the problem, think again. That federal money will be a one shot deal. We have a structural problem in our government where taxing and spending is commonplace. We must change that culture in Albany or the future consequences will be severe," Tedisco added.

Today, Governor Paterson and Legislative Leaders will hold a joint Economic and Revenue Consensus Forecasting Conference. As required by State Finance Law, if they cannot reach a consensus on available revenue by March 1, the State Comptroller will be required to make a binding revenue forecast by March 5.

"We are hopeful that at the end of the day, the final consensus will be close to what we've projected," said Assemblyman Jim Hayes (R,C,I-Amherst), Ranking Minority Member on the Assembly Ways and Means Committee. "That way, we can move forward in a cooperative, transparent and bipartisan manner and pass a budget that is timely, balanced and fiscally responsible. My Assembly Minority colleagues and I will continue to lead the charge on this important issue."

"New York is currently experiencing one of the worst recessions in history, and everyone is feeling the pinch. At a time when our constituents are forced to do more with less, it is crucial that our state government tighten its belt and rein in spending and borrowing," Tedisco concluded.