These documents are critical to the Assembly's understanding of the economy and the house's ability to work with Gov. Andrew Cuomo and the Senate towards reaching an agreement on a timely and fiscally prudent budget for New Yorkers.
The Revenue Report projects All Funds at $132.165 billion for SFY 2011-12, a decrease of $1.153 billion from the prior year and $142 million below the Executive's estimates.
For SFY 2012-13, the report forecasts All Funds receipts to total $132.9 billion, an increase of $754 million from the previous year, which reflects the loss of $2 billion in federal funds. The Assembly's estimates for All Funds receipts are $195 million higher than the Executive's forecast.
"I commend Chairman Farrell and the Ways and Means Committee for their exceptional work in giving us a clear picture of New York State's fiscal condition and helping us to better understand the growth potential of and the risks to our state and national economies," said Speaker Silver.
"The economy is growing, albeit slowly, so it is incumbent upon government to identify cost savings, to utilize our limited resources to ease the burdens on working families and the less fortunate, and to continue to invest in programs that will strengthen our economy and create jobs. Working with the Governor and with our colleagues in the Senate, we will build upon last year's achievements and put New Yorkers on a surer path to financial security and long-term prosperity," said Speaker Silver.
"The recovery is not moving as fast as we all want but the economy does show signs of progress. It's critical that the Legislature and Governor build on that economic progress by enacting a fiscally sound budget that addresses the realities of a tight economy but also responds to the challenges and hardships facing New Yorkers," said Farrell.
The Assembly Economic Report notes that employment growth in the state improved in 2011 but is projected to slow slightly in 2012. Personal income and wages are expected to grow too but slower than in 2011 and below pre-recession rates.