The Assembly has a long record of more accurately forecasting
state revenues available to raise educational standards,
keep college affordable, and meet the needs of New Yorkers.
Over the past six years, the Governor significantly
underestimated state revenues by close to $11 billion.
Meanwhile, he’s proposed budgets that slashed state funding
for education, health care and other essential services the
state provides for its residents –– resulting in missed
opportunities for New Yorkers.
The Assembly has won historic state budgets that are helping
to build a brighter future for our families and our
Armed with the most accurate revenue forecasts, the Assembly
fought for, and won, much-needed state investments in our
children’s education, restored critical health care funding
and cut taxes for businesses and working families by nearly
$13 billion since 1994.
Although the current national economic expansion has slowed,
modest growth is expected to continue in New York State and
across the country, according to the extensive analysis and
detailed forecast data prepared by the Assembly’s Ways &
The Assembly’s analysis includes recommendations made by an
independent panel of professional economists drawn from
major financial corporations, prestigious universities, and
private forecasters across the state. For 17 years, these
independent professionals have provided their expertise in
evaluating the Assembly’s economic and revenue reports.
This year the state will also save nearly $300 million in
reduced spending. There are over $4 billion in reserves —
more than enough to invest in New York and still assure we
are prepared for an emergency or a severe economic
The Governor’s forecasting errors have ranged from $546 million to over $3 billion.
On March 2nd, the state had already reached the Governor’s
projected revenue forecast for the entire fiscal year that
was included in his proposed 2000-2001 budget. On March 6th,
the state reached the level of revenues agreed to in the
final 2000-2001 state budget. And on March 20, New York
reached what the Governor projected only a month ago would
close out the current fiscal year. (See illustration below.)
Now that the 2000-2001 fiscal year has ended, the Governor
has broken his previous record for the largest forecasting
error. His revenue estimate for 2000-2001 underestimated
actual receipts by over $3 billion.
Over the two-year forecasting period, the Assembly projects
the Governor will underestimate receipts by approximately
The Assembly calls upon the Senate to join us at
the conference committee table to hammer out a
state budget that invests in education and
health care needs, lowers taxes and creates jobs.
PLEASE NOTE: For additional information, see
the Assembly reports entitled New York State Revenue
Report 2000-01 and 2001-02, and New York State
Economic Report for 2000 and 2001. These reports are
available at: www.assembly.state.ny.us