Statement from State Comptroller Thomas P. DiNapoli on the New York State Budget for Fiscal Year 2022-23
“The passage of the state budget is good news. While jobs are rebounding in many industries, our economic recovery is lagging the nation, and the risks have increased as the budget process has unfolded. , with growing geopolitical uncertainty surrounding Russia’s invasion of Ukraine and persistently high inflation, New Yorkers continue to grapple with the health, economic and social impacts of the pandemic.
“I am pleased to see that the budget will provide tax relief and support to help middle-class New Yorkers and small businesses, raise wages for healthcare workers, make green investments and expand health care programs. aid to help those affected by the pandemic.
“While this is good news, the budget maintains a commitment to build reserves, many new programs will add recurring expenses, and it is not yet clear to what extent they are supported by recurring revenue. The use of temporary federal assistance to fund new spending programs could create a “fiscal cliff” in the future. We must remember that this influx of federal funding is limited. Strengthening state savings through Formal reserves of the Rainy Day Fund are essential to maintaining the services New Yorkers rely on and improving the state’s long-term fiscal position.
“My office will analyze the final adopted budget and publish a detailed analysis in the coming weeks.”
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