(WNY News Now) – New York State Comptroller Thomas P. DiNapoli has expressed concerns about long-term fiscal sustainability and out-year budget gaps in response to Governor Kathy Hochul’s newly proposed Executive Budget.
New York State Comptroller Thomas P. DiNapoli commented on Governor Kathy Hochul’s Executive Budget proposal yesterday, released amidst continued economic growth and improving state revenues. While acknowledging the positive economic trajectory, DiNapoli raised concerns about significant budgetary challenges.
“The Executive Budget proposal put forth today by Governor Hochul comes at a time of continued economic growth and improving revenues. State Operating spending is projected to grow by 7.9%, which is above the rate of inflation,” DiNapoli stated.
However, the Comptroller highlighted a projected $23.2 billion in budget gaps over the next three fiscal years, which he described as a pressing concern. These gaps persist even as the proposal includes an extension of the personal income tax surcharge on high earners, a move aimed at bolstering revenue.
DiNapoli also emphasized the importance of vigilance regarding potential federal policy changes under the new administration in Washington, which could significantly impact New York’s financial landscape.
“As we enter into a time of potential economic uncertainty, a focus on the long-term sustainability of the state’s finances and maintaining a commitment to increasing statutory reserves is necessary,” he stated.
The Comptroller assured that his office will provide a comprehensive analysis of the proposed budget in the coming weeks.
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