Thomas DiNapoli
State Comptroller Tom DiNapoli, in review of Governor Kathy Hochul‘s executive budget, states concerns about how the Pandemic, inflation, and supply chain issues will affect the state’s economic recovery and financial plan.
DiNapoli also has concerns about how the budget proposes billions of dollars in spending that would bypass critical oversight if enacted.
He said unprecedented amounts of federal aid and tax collectings that are $10 billion higher than initially expected have put the state on solid fiscal footing. However, he said with “the pandemic’s continued uncertainty makes forecasting economic performance difficult. Policymakers should keep an eye on the years ahead when temporary federal funding will end and build up the state’s reserves, so we are better prepared for future emergencies or an economic downturn.”
DiNapoli said that thanks to significant increases in federal aid and tax revenue that has far outpaced the Division of the Budget’s projections, the state has the best opportunity to act on this.
The Executive Budget includes a commitment to set aside reserve funds equal to 15 percent of projected spending from State Operating Funds by 2024-25.
You can read the Executive Budget review here: https://www.osc.state.ny.us/files/reports/budget/pdf/executive-budget-review-2022-23.pdf
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