Skip to content

Updated budget forecast for NYS shows $63B hole created by Coronavirus Pandemic

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.