February 24, 2016

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

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

This report is critical 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 Economic and Revenue Report projects All Funds revenues at $153.915 billion for SFY 2015-16, an increase of $4.8 billion from the previous year, and $171 million above the Executive's estimates. For SFY 2016-17, the report forecasts All Funds at $153.469 billion, a decline of $445 million from the previous year. The Assembly's forecast for All Funds revenue is $552 million higher than the Executive's forecast.

The Assembly report also forecasts a modest rate of growth for employment in the state for the next fiscal year. The Assembly projects wages to continue to grow at a steady pace this year and the next, reflecting an expectation of a continuing, albeit modest, recovery.