State Senate forcasts $242 million in additional state revenues

 Funds Should Be Used For Tax Relief or State Reserves – Not New Spending

The following is a press release sent out by the Senate:

Senate Republican Leader Dean G. Skelos and Senate Independent Conference Leader Jeff Klein today released a revenue forecast by the Senate Finance Committee that estimates additional General Fund revenues, above the Executive’s projection, of $126 million in 2013-14, and  $116 million more than the Executive’s estimate for state fiscal year 2012-13.

The revenue projection, based on an economic forecast by the Senate’s nationally recognized fiscal consultants, IHS Global Insight, shows that the total two-year General Fund revenue surplus is $242 million.

“While a forecast of additional revenue is good news, it should not be used for additional spending,” Senator Skelos said.  “It should be used to support the state’s reserve funds or to provide taxpayer relief to make New York more affordable for families and more competitive for businesses to create jobs.”

“I’m pleased that today we can comfortably project a revenue surplus for our state,” Senator Klein said. “This surplus will help New York stay on firm financial footing in the years ahead and will provide us with an excellent opportunity to deliver dollars back to taxpayers.”

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