The Assembly Minority Conference today submitted its Quick Start mid-year budget analysis to the state Division of the Budget, providing its forecast on state spending and revenue for Fiscal Year 2023 and Fiscal Year 2024. Although Gov. Hochul was two weeks late releasing the Mid-Year Financial plan, all legislative conferences, the governor’s office and the state comptroller will discuss their projections on the state’s economy in a public meeting today, Nov. 15. A copy of the Assembly Minority Conference’s report is available here.

“Global and federal factors continue to put pressure on everything from high inflation to supply chain issues to future labor market recovery; however, there are indications that some relief could be addressed at the state level. While recession potential remains a risk, the state’s financial position is not precarious, and we can help mitigate some of the strain residents are feeling,” said Assembly Minority Leader Will Barclay (R,C,I-Pulaski). “Based on our analysis, Gov. Hochul and legislative leaders should practice fiscal restraint, focus on necessities and effectively manage risk when crafting the 2023-24 State Budget. We’re faced with a 40-year high inflation, and more than ever we must work together during this ‘back to basics’ year to ensure all New Yorkers – particularly those already struggling – are warm, fed and safe.”

Some of the key findings and recommendations of the Minority Conference’s Quick Start Report include:

• Forecasting an increase in tax receipts over the state Division of the Budget of $386 million in FY23 and $379 million in FY24;
• Estimating a FY24 School Aid increase of $3.6 billion, including a Foundation Aid increase of $2.98 billion, which fully-funds the Foundation Aid formula;
• Properly managing risk when crafting the 2023-24 State Budget, with a focus on providing inflation relief for families on food costs, energy and everyday necessities;
• Forgoing new programs or mandates on industries and businesses and not raising taxes; and
• Making deposits into reserve funds and providing tax cuts to help those most impacted by current economic conditions.

“From one end of the state to the other, New Yorkers are seeing the day-to-day, real-world impact of the rising prices of goods and energy due to record-setting inflation. While consumer confidence is waning and talk of an economic recession swells, helping New Yorkers put food on their tables and heat their homes during these uncertain times is paramount,” said Assemblyman Ed Ra (R-Franklin Square), Ranking Minority Member on the Assembly Ways and Means Committee. “The projections for FY23 and FY24 are feasible if managed properly. I encourage the governor and Majority leaders to practice moderation and prepare for downturns when they craft the next state budget; now is certainly not the time for new programs or mandates on businesses, and most of all, not the time to raise taxes.”