With or without Gov. Pataki's cooperation, state legislators are expected to finish passing a series of budget bills before the new fiscal year begins Thursday. Read More
Tag: Budgets
Despite recent fare and toll hikes and continued high ridership, the Metropolitan Transportation Authority (MTA) continues to face significant future budget gaps. The picture is complicated by an ill-advised 2002 debt refinancing that left the aut Read More
With little advance notice or fanfare, a constitutional amendment (S.1) that would give the Legislature much more power to shape the state budget was reported out of the Senate Finance Committee today. The Assembly version (A.2) was approved back in February, so the measure is now a big step closer to a statewide voter referendum. Read More
Unlike residents of 29 other states, New Yorkers don't have the opportunity to end-run their politicians through a statewide voter initiative or referendum process. As a result, we've never been able to mount the kind of up-from-the-grassroots taxpayer revolt that's shaken some other state governments to their foundations. Read More
Fresh from the voters' resounding rejection of Prop One - the so-called "budget reform" that really amounted to a prescription for runaway spending - some legislative leaders are already pledging they will revisit elements of the same dubious package. Read More
The good economic news in Gov. Pataki's proposed budget is a fresh round of $2.5 billion in annual state tax cuts that would provide a strong shot in the arm to business investment throughout New York (assuming the cuts are phased in on schedule after Pataki leaves office). Read More
Even if the Legislature doesn't add to Governor George Pataki's budget proposal, the state spending increase during his final term will be the largest since Mario Cuomo's second term in the late 1980s, according to the Empire Center's overview of the 2006-07 Executive Budget. After adjusting for a shift of aid payments between the current fiscal year and the coming year, the Empire Center report estimates the governor's proposed state funds spending increase for fiscal 2006-07 comes to just over 7 percent, or two and a half times the projected inflation rate. Assuming this figure holds, the total State Funds budget increase since fiscal 2002-03 will be 28 percent, or double the inflation rate, the report says. Read More
Based on recent history, Albany's legislative leaders had reason to assume Gov. Pataki wouldn't put up much of a fight when they added billions of dollars to his already generous budget plan for the 2006-07 fiscal year. Read More