Senator Charles J. Fuschillo, Jr. (R-Merrick) today announced passage of a New York State Budget which closes a $10 billion deficit without raising taxes. The budget reduces overall state spending and contains programs to help create jobs and put people back to work.
“We need to address several priorities to get New York State headed back in the right direction: cutting spending, creating jobs, and no new taxes. This budget achieves all of those objectives. By making the tough choices, we have closed a $10 billion deficit, significantly reduced next year’s projected deficit, and taken a giant step forward towards fixing the state’s finances,” said Senator Fuschillo.
The 2011-12 New York State Budget brings the state’s finances back into balance by:
Just like so many families have been doing, the State is tightening its belt and doing more with less. Under the new budget, overall State spending will be reduced by two percent less from the previous fiscal year. State operations expenditures have been reduced by 10 percent and several state agencies have been consolidated to improve efficiency and lower costs.
A new, permanent “Recharge NY” power program was created as part of the budget to help businesses create and retain jobs by providing them with low-cost power. The program expands the current Power for Jobs program, which gives benefits to Long Island employers currently participating in the program and employ over 26,000 individuals, by opening it up to new participants, creating new opportunities at a time when over 112,000 Long Islanders are unemployed.
No new taxes:
The state budget closes a $10 billion deficit without raising taxes. Holding the line on taxes is critical in a state which has the nation’s second highest property tax burden.
Fixing New York’s Finances:
As a result of the actions taken in the budget, the state not only eliminates a $10 billion deficit for this year, it also significantly reduces a projected deficit for next year. Next year’s projected deficit will be lowered from $15 billion to a much more manageable $2 billion, less than one percent of the overall budget.
The budget also provides funding for a number of key services, including:
Over $19 billion in statewide education aid, including over $2.3 billion for Long Island school districts, is appropriated in the budget. The budget also restores $272 million in statewide education aid cuts proposed by Governor Cuomo. These restorations include funds for 4201 schools that serve the blind and deaf.
Funding for the current two-year, $7 billion road and bridge capital improvement plan is maintained. Additionally, over $400 million in state funding is provided for local municipal highway and road improvement projects.
The budget restores $22 million in funding for the Elderly Pharmaceutical Insurance Coverage (EPIC) program, which helps senior citizens lower their prescription drug costs.
“Following two consecutive, ill advised budgets which contained billions of dollars in new taxes, fees, and spending increases, all of which I opposed, this budget is a realistic and responsible plan to help put New York State back in the right direction,” Senator Fuschillo added.