In an Op-Ed published in the (Schenectady, N.Y.) Sunday Gazette, Heather C. Briccetti, Esq., president and CEO of The Business Council of New York State said New York is making progress toward getting its fiscal affairs in order, but much more needs to be done.
Briccetti writes, “The upgrading of New York’s credit rating (by Moody’s and Fitch) is good news. It reflects a significant turnaround in the management of the state’s fiscal affairs.”
She cites four straight on-time budgets, sustainable spending growth (averaging under 2 percent), maintained levels of public service, increased infrastructure investments and much needed tax reform as important accomplishments.
The O-Ed continues, “Gov. Andrew Cuomo has led this turnaround and should be congratulated for this accomplishment, as should his partners in the state Senate and Assembly. This is important progress, but not the end of the story. The same bond rating announcement talked about future risks, as well, including structural budget deficits. The state also needs to address the pending expiration of more than $2 billion a year in temporary income tax revenue. In short, there is more work to do in maintaining our newfound fiscal discipline.”
To read the entire Op-Ed posted on The Business Council’s website, please click here.