Statement from NYS Assembly Minority Leader Brian M. Kolb (R,I,C-Canandaigua) On Mid-Year Update To The Financial Plan

November 15, 2011

“After carefully reviewing the Administration’s recently released Mid-Year Update to the Financial Plan, our Assembly Minority Conference submitted a report to the State Division of Budget and other Legislative Conferences projecting a current-year budget deficit of $424 million and an out-year budget deficit of $3.46 billion. Even with the Success Tax Surcharge that remains in place until December 31, we anticipate that New York’s Personal Income Tax receipts are lower than what is estimated. It is important to remember that all of these projections represent a moment in time. Much of the downturn is being driven by lagging consumer confidence, uncertainty regarding global financial markets and anxiety over what is happening in Washington, D.C., and what could happen in Albany. Restoring consumer confidence and providing economic certainty for job creators will stabilize the economy, increase consumption and help get unemployed New Yorkers back to work.”