February 26, 2015

Heastie and Ways and Means Chair Farrell Release Assembly's Annual State Revenue and Economic Reports

Assembly Speaker Carl Heastie and Assembly Ways and Means Committee Chair Herman D. Farrell, Jr. today unveiled the Assembly Majority's annual Revenue and Economic Reports for New York State.

These reports are essential to the Assembly's work with Governor Andrew Cuomo and the Senate in the adoption of a state budget that is fiscally prudent and on-time.

The Assembly Revenue Report projects All Funds at $148.2 billon for SFY 2014-15, an increase of $10.4 billion from the previous year, and $177 million above the Executive's estimates.

For SFY 2015-16, the report forecasts All Funds at $149.6 billion, an increase of $1.5 billion from the previous year. The Assembly's estimates for All Funds receipts are $345 million higher than the Executive's forecast.

"Each year the Assembly's Ways and Means Committee provides a comprehensive analysis of the state's economy and revenues. My colleagues and I use these reports to help us craft a spending plan that provides funding to many critical budget programs, including education, health care and job creation," said Speaker Heastie. "We applaud Chairman Farrell and his staff for compiling this extensive data, which is critical to our efforts to adopt an on-time budget that meets the needs of the people of this state."

"While the state's economy continues to make steady gains, consistent with the overall national recovery, we must keep our budget decisions realistic, and we must be mindful of our obligation to fund programs that invest in people," said Farrell.

The Assembly Economic Report forecasts a modest pace of growth for employment in the state for the next fiscal year. For base wages, the Assembly projects wages to continue to recover this year and the next, reflecting an expectation of a continuing recovery.