New York State’s short-term fiscal outlook has improved, but long-term structural balance remains a challenge, according to a report on the state financial plan released yesterday by State Comptroller Thomas P. DiNapoli. The Comptroller also released a report on the state’s first quarter fiscal results, finding tax revenue growth has been strong so far, but such gains are likely to moderate in coming months.
“There’s no doubt New York is in a better budget position now than it was a short time ago,” DiNapoli said.
The state’s Enacted Budget Financial Plan, prepared by the state Division of the Budget, projects budget gaps of $2 billion in state fiscal year (SFY) 2014-15 and $2.9 billion in each of the following two years, which are lower than projections from the executive’s earlier proposed budget.
Does The Business Council work well with the Cuomo Administration? Is the business climate improving in New York state? What are the biggest impediments in New York for a business reaching its potential? These are just a sampling of the questions The Buffalo News posed to Heather Briccetti, president and CEO of The Business Council, in a wide-ranging interview recently. She also answered questions about natural gas development, education and health care.
Ken Pokalsky, vice president of government affairs at The Business Council, will be appearing alongside Brian Sampson, executive director of Unshackle Upstate, and Mike Durant, the New York State Director for NFIB, on WMHT’s news program New York Nowat 7:30 p.m. tonight and at 11:00 a.m. and 11:00 p.m. Sunday. The three will be appearing with program host Casey Seiler of the Times Union. Their roundtable discussion will focus on their reactions to the state budget and their hopes for the remainder of the legislative session.
Former Governor of New York, David Paterson weighed in today on the new state budget in an op-ed that appeared in the Albany Times Union. He says the new budget restores faith in government but expressed disappointment that marijuana laws in New York were not reformed to stop “the injustice of stop and frisk”.
The Times Unioneditorial board followed up on reporter Jimmy Vielkind’s report on the nearly 1,900 “old pork projects” the new state budget reauthorized last week with its opinion of how the state spends its money. “The governor and others hail the state’s compliance with the April 1 deadline. Couldn’t a timely budget be a better one. too?”
The New York State budget was passed late last week. Read our full statement below from Heather Briccetti, president and CEO of The Business Council of New York State, Inc.:
“For the first time in three decades New Yorkers are seeing the passage of three consecutive on-time budgets. Governor Cuomo, the State Senate and the State Assembly have once again worked together to produce a budget that limits spending to less than 2 percent while closing a $1.3 billion gap between projected revenues and spending – which the Business Council strongly supports.
This budget includes a number of tax incentives and reforms that The Business Council advocated for, including the phase-in of a 25 percent reduction on the corporate franchise tax rate on manufacturers. It also includes unemployment insurance reforms which will provide much needed stability to the unemployment system and give businesses a clearer way to manage their unemployment insurance costs, while restoring the state’s Unemployment Insurance Trust Fund to long-term solvency.
The budget also adds to the cost of doing business by extending assessments on electric, natural gas and steam energy (a total of $1.5 billion), and by increasing the minimum wage – a measure whose impact will be felt by many businesses, with total cost estimates as high as $2 billion per year. Though the budget includes a minimum wage tax credit for students that mitigates the adverse impact on employers, The Business Council would have preferred a straightforward training wage. And, while the final agreement on both of these measures is an improvement over the original proposals, they are not consistent with a strategy to promote economic growth and the creation of good-paying jobs.
We look forward to continuing our work with the Governor and Legislature to stabilize and improve New York’s economy while creating new jobs.”
– Heather Briccetti, president and CEO of The Business Council of New York State, Inc.
Gannett reporters Joseph Spector and Jessica Bakeman break down the specifics of the Assembly approval of the $135 billion budget for the 2013-14 fiscal year. It may be done, but both Republicans and Democrats were unhappy with some of the provisions including cuts to services for people with developmental disabilities and the minimum wage provision.