SENATOR KRUEGER UNVEILS REFORM PACKAGE TO COUNTERBALANCE NEW YORK’S STRUCTURAL BUDGET DEFICIT
Select Committee on Budget and Tax Reform report identifies June 1 as a superior fiscal year start date for New York State
(Albany, NY) Senator Liz Krueger (D-Manhattan) released today a comprehensive package of legislation designed to install into New York State’s budget process the discipline and forward thinking that have long been absent from its fiscal planning process.
Two-year, GAAP & Performance Based Budgeting, June 1 Fiscal YearKey Reforms to End Albany’s Decades of Fiscal Dysfunction
(Albany, NY) State Senator Liz Krueger today unveiled comprehensive reforms to fix the State’s broken budget process and give New Yorkers a fiscally responsible budget. For decades, Albany ignored the need for wholesale changes to the budget process, instead opting for quick fix gimmicks and government by guesswork. Within their first term in the Majority, Senate Democrats created a 7-point legislative package, sponsored by Senator Liz Krueger (D-Manhattan) which provides for long-term financial planning, the enactment of stricter accounting principles, and mandates stringent standards of accountability for State-financed programs and services.
As I am sure you know, New York State, like much of the nation, faces an insecure financial future. We have high unemployment, inadequate tax collections, and a structural budget imbalance. As Vice-Chair of the Senate Finance Committee, my main responsibility for the first part of this year is to evaluate proposals to address the State’s budget deficit. I recognize what a critical responsibility this is, and have been immersing myself in budget hearings and testimony from groups and individuals around the State to help me better understand our options.
Over the past several months, through a budget survey offered online and mailed to my constituents, I have been collecting feedback on how New Yorkers think the budget should be dealt with. More than 1,900 people provided informative responses, sharing many different perspectives on the budget while also highlighting the difficulties we face in trying to bring together so many diverse opinions.
Lieutenant Governor Richard Ravitch has outlined a five-year financial plan under which New York State would be required to achieve and maintain structural budgetary balance. Leaders in the state Senate and Assembly have offered their own proposals for budget reform. This Institute forum brought together leading members of the Senate and Assembly majorities, and independent fiscal experts, to comment on the plan. Senator Krueger outlined proposals by the Senate Committee on Budget and Tax Reform.
(Albany, NY) – State Senator Liz Krueger joined her Democratic Colleagues in voting to pass a budget extender which included a restoration of nearly $37 million in Title XX funds to be given to Senior Centers throughout New York City.