‘10 Things To Know’ About NYS's $216B Proposed Budget: ‘Heavy Investments In Rebuilding’ The Education & Health Care Systems; ‘Bonuses For’ Health Care Workers; ‘Help For’ Working Parents; ‘And Doubling Down On’ Green Energy
(ALBANY, NEW YORK) - Governor Kathy Hochul mapped out a $216.3 billion New York State Budget Plan Tuesday (January 18th) that proposed heavy investments in rebuilding the Education and Health Care Systems.
The state had the luxury of a financial surplus this year, thanks to a combination of better-than-expected tax revenue and economic activity, and an influx of Federal funding related to the COVID-19 Pandemic.
The budget is $4.3 billion larger than last year.
The Governor proposed to spend around $7 billion on one-time expenditures, including property tax relief and a shot in the arm for theater and the arts, which have limped along amid pandemic closures in the past two years.
"We must pass a bold agenda that will do more than just help us recover from this crisis," Hochul said in a short speech that offered few specifics about the budget expenditures.
"We need to embrace this moment of possibility and use it to redefine New York's destiny," she said.
Hochul's negotiation of the budget process this year is key as she ramps up her campaign for Governor.
She'll seek election to a full term in November after taking office last August in the wake of former Governor Andrew Cuomo's resignation amid sexual harassment allegations.
The plan projects balanced budgets through 2027, a prospect not seen before in state government, State Budget Director Robert Mujica said.
Though New York State is facing the highest level of inflation in 30 years and Federal relief funding related to COVID-19 is beginning to wane, financial projections show a continued economic recovery, he said.
"We're in a strong financial position now," Mujica said.
Hochul’s predecessor often worked with multi-billion dollar deficits while hammering out budget deals and warned last year the state was facing a $15 billion deficit if the Federal Government didn't step in to help.
Hochul will negotiate her proposed budget plan with the State Legislature to pass a budget deal by April 1st for the Fiscal Year starting on July 1st.
Here's what to know about Hochul's spending agenda for New York and which items were left off the budget list:
Hochul proposed the state’s largest investment in educating the state's 2.4 million children, asking for $31 billion in school and foundation aid. This amounts to an increase of $2.1 billion, or a 7.1% increase in funding over last year's budget. The funding should be used to continue expanding Pre-K Programs and after school programs to districts across the state, she said. “Working parents need all the support they can get,” Hochul said.
She highlighted the need to strengthen New York’s Teaching Workforce and address the mental health of students fatigued and isolated by nearly two years of pandemic-related shutdowns, quarantines and remote learning.
To Continue Reading This News Story, Go To: www.democratandchronicle.com/story/news/2022/01/18/tax-cuts-health-care-worker-bonuses-10-things-know-nys-proposed-budget/6566409001/
And For More, Go To: https://www.governor.ny.gov/news/governor-hochul-announces-highlights-fy-2023-budget