November 5, 2009

Assembly Releases Midyear Report On
Economic Outlook, Revenues And Expenditures

Assembly Speaker Sheldon Silver and Ways and Means Committee Chair Herman D. Farrell, Jr., today released a midyear report on revenues, expenditures and the economic outlook for New York State (Click here to the view the full report).

The Assembly report emphasizes that, amid the fiscal turmoil that has characterized the global and national recession, the U.S. economy has seen one of the sharpest declines since the 1930s. Employment losses will likely continue, even as overall economic growth returns. New York State has been greatly impacted by the recession, largely due to the breakdown of the financial sector.

The midyear update, prepared by staff members of the Assembly Ways and Means Committee, includes the following:

Under the "quick start" budget process, forecasts are issued by the Executive, Assembly and the Senate in early November. A joint report is to be issued by mid-November.

The Assembly releases a New York State Economic Report and New York State Revenue Report in late February of every year. The reports, available online at, are prepared by staff with the assistance of the Assembly's Board of Economic Advisors.

The report issued today is based on the most accurate information available as of November 2009. The forecasts in this report are likely to be affected by changing conditions in the economy and in the securities industry, and new information will be incorporated into the February 2010 reports.