New York State’s budget leaders say that the Coronavirus Pandemic is going to have a major impact on finances moving forward.
Robert Mujica, the state’s budget director, issued an updated report saying that COVID will cost New York upwards of $63 billion.
Among the major notes from the update is the loss or decline of more than $15 billion from the state’s general fund.
Tax receipts are down over 15% at this point.
Counties are also feeling the burn of a difficult budget season. However, most in the region were able to successfully hold the line for the upcoming fiscal year.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].