Captiol News from The Assembly Minority Conference
The Assembly Minority Conference

Assembly Minority Conference Releases Mid-Year Budget Report

Ways & Means Analysis Shows Strong Revenue & Financial Position

The Assembly Minority Conference today submitted its Quick Start mid-year budget analysis to the Division of Budget, providing its forecast on state spending and revenue for Fiscal Year 2022 and Fiscal Year 2023. The Budget Reform Act of 2007 requires each legislative conference, the governor’s office and state comptroller to provide economic projections by Nov. 5th. A copy of the report is available here.

“The influx of federal stimulus money combined with revenues coming in ahead of original projections has the state in a solid financial position. Our analysis is encouraging and shows that New York has the means to help mitigate the financial pressures being placed on individuals by persistent inflation,” said Assembly Minority Leader Will Barclay (R,C,I-Pulaski). “We’re in a unique position to provide immediate relief to a cost-of living crisis while exercising some fiscal prudence. It would be ridiculous to consider more tax increases and placing additional burdens on New Yorkers. Instead, we ought to be cutting taxes.”

Some of the key findings and recommendations of the Minority Conference’s Quick Start Report include:

  • Estimating $1.6 billion more than the Executive in surplus funds over a 2-year period (FY22 and FY23), for a total of $10.3 billion.
  • Committing a portion of the surplus to Rainy Day Reserves and debt management.
  • Recommending a higher level of transparency for use of the Economic Uncertainties Fund.
  • Returning a portion of the state surpluses to all residents by cutting state taxes for those most impacted by cost-of-living increases resulting from inflation.
  • Continuing the state’s commitment to fully funding Foundation Aid by Fiscal Year 2024, and fully fund all expenses aids with no consolidation.
  • Properly managing risks when crafting the 2022-23 State Budget and continuing to prepare for future economic downturns.
  • Reining in spending with fiscally-sound policies and do not raise taxes.

“After years of consistently trying to manage budget shortfalls, our mid-year analysis shows some welcome news and a positive forecast. How we utilize these resources in the coming year will be critically important,” said Assemblyman Ed Ra (R-Franklin Square), Ranking Minority Member on the Assembly Ways and Means Committee. “Households across the state are getting crushed by skyrocketing prices and what feels like never-ending inflation. It’s time to end New York’s notorious tax-and-spend cycle and take a long look at what we can do to ease the financial pain our constituents are feeling.”