Senate forecasts $355 million in additional state revenues

Mark Grisanti

February 29, 2012

       Senate Majority Leader Dean G. Skelos and members of the Senate
Majority Conference today released a revenue forecast by the Senate Finance
Committee that estimates additional General Fund revenues, above the
Executive’s projection, of $290 million in 2012-13, and  $65 million more
than the Executive’s estimate for state fiscal year 2011-12.

       The revenue projection, based on an economic forecast by the Senate’s
nationally recognized fiscal consultants, IHS Global Insight, shows that
the total two-year General Fund revenue surplus is $355 million.

       “While a forecast of additional revenue is good news, it should not
be used for additional spending.  It should be used to support the state’s
reserve funds or for items that provide state and local tax relief,”
Senator Skelos said. “Our goals must be to cut state spending, reduce taxes
and create private sector jobs.”

       “I'm very pleased that we are having the Consensus Forecasting
Conference today and the Legislature is right on schedule in following the
2007 Budget Reform Act,” Senator John A. DeFrancisco (R-C-I, Syracuse),
Chairman of the Senate Finance Committee, said. “We should have the revenue
forecast completed by tomorrow which will lead to joint Senate-Assembly
public conference committee meetings in mid-March. This process bodes well
for an orderly budget process and passage of an early budget. "

       The Senate will act within two weeks on its budget proposal that will
be submitted to public budget conference committee negotiations with the
Assembly and used during continued discussions with the Governor.