Senate Forecasts $503 Million in Additional State Revenues

February 28, 2017

Senate Majority Leader John J. Flanagan and Majority Coalition Leader Jeff Klein today released a revenue forecast report by the Senate Finance Committee that estimates additional revenues above the Executive’s projection.  The Senate report projects All Funds revenues of $345 million more than the Executive’s estimate in Fiscal Year 2018, and $158 million more for the remainder of state Fiscal Year 2017. 

The Senate report also estimates additional General Fund revenues above the Executive’s projection of $462 million for Fiscal Year 2018, and $104 million more for the remainder of state Fiscal Year 2017.

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 All Funds revenue surplus is $503 million and the total two-year General Fund revenue surplus is $566 million. 

Senator Flanagan said, “Our focus this budget remains on creating jobs and making New York more affordable for hardworking middle-class taxpayers. With $503 million in additional state revenues available, we must take additional action to invest in job creation initiatives and cut taxes that prevent economic growth. We are on track to keep spending under control and pass an on-time budget for the seventh consecutive year, but in order to help families and businesses succeed, we need to keep taxes as low as possible and help create better economic opportunities for all New Yorkers.” 

Senator Klein said, “New York’s working- and middle-class families drive our economy forward. This revenue forecast shows we have $503 million to invest in keeping manufacturing jobs in our state, to make college affordable for all and to ensure continued prosperity for New Yorkers. I look forward to passing a seventh on-time budget that benefits every New Yorker in every corner of this state.”

Senator Catharine Young, chair of the Senate Finance Committee, said, “The Senate has worked diligently to rein in state spending, controlling growth by practicing good fiscal discipline. We need to make the most of these additional resources, emphasizing tax relief, wise investments in infrastructure, and support for initiatives that foster job growth and economic success. New York’s hard-working taxpayers deserve relief, our families want good-paying jobs, and our young people need a quality education that provides opportunities for their futures. We continue to make steady progress toward passage of an on-time budget for the seventh consecutive year.”
 
Senate Finance Committee Vice Chair Diane Savino (D-SI/Brooklyn) said, “For years, the Independent Democratic Conference focused on making New York affordable for all. A predicted $503 million in state revenues provides us the opportunity to keep this state moving ahead for our working- and middle-class who want jobs, like those in our Made by New Yorkers plan, help sending their children to college, or affordable child care.”

The revenue forecast report can be found on the Senate’s website at the following link:
https://www.nysenate.gov/newsroom/articles/economic-and-revenue-review-fy-2018 

Senators Involved