New York’s state budget gap for 2011-12 — the first year of the next gubernatorial administration — is now projected at nearly $8.2 billion, according to the 2010-11 Enacted Budget Report released today by Governor Paterson’s Division of the Budget (DOB). That’s 52 percent larger than the $5.4 billion gap projected just six months ago, in DOB’s previous financial plan update. It’s also nearly $700 million larger than the preliminary budget gap estimate attributed to Paterson’s budget director just a month ago.
Projected gaps over the next three years now total $37.2 billion. That’s up more than 30 percent from the $28.4 billion three-year cumulative gap projected in the February financial plan, which was issued in conjunction with the Governor’s 21-day amendments to the Executive Budget.
In short, New York’s budget hole got deeper during the protracted budget process that ended Aug. 3. And it could grow deeper still by the time the governor elected this coming November presents the 2011-12 Executive Budget next Feb. 1.
The following chart contrasts the February gap projections with those in the latest financial plan update.