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NYS budget update: No new taxes, focus on economic stability

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  • Staff Report 

Governor Kathy Hochul’s administration has released the final amendments to the proposed $233 billion state budget, emphasizing economic stability and no new taxes. In a Manhattan event, State Budget Director Blake Washington highlighted the administration’s commitment to keeping the state competitive while addressing the need to rationalize spending. The budget, which aims for a $1 billion cut in Medicaid costs, remains largely unchanged from its initial proposal, with a focus on controlling government expenditure.

Among the notable amendments is a $100 million cut to the Consumer Directed Personal Assistance Program, part of a broader effort to achieve Medicaid savings. Despite pressures, the state has declined Mayor Eric Adams’ request for a 50-50 split in migrant costs between the state and New York City. Washington also voiced concerns about the financial implications of New York’s climate goals, including a transition that could cost up to $12 billion.

State Comptroller Thomas DiNapoli’s analysis warns of worsening budget gaps and challenges ahead, particularly in healthcare and education spending amidst economic uncertainty. The budget negotiations continue as the April 1 deadline approaches, with the administration focused on maintaining fiscal responsibility and environmental commitments.