Skip to content
Home » News » New York State » DiNapoli releases analysis of state budget: Warns of possible revenue declines

DiNapoli releases analysis of state budget: Warns of possible revenue declines

  • / Updated:
  • Staff Report 

State Comptroller Thomas P. DiNapoli released an analysis on May 17 identifying risks in New York’s $237 billion State Fiscal Year (SFY) 2024-25 budget. The budget increases spending on Medicaid and school aid, and introduces new housing initiatives, but faces significant revenue challenges.


Despite a strong economic environment with tax collections exceeding projections, DiNapoli warned of potential revenue declines due to reduced investment income and gaming receipts, and the expiration of critical revenue streams. He noted the state’s heavy reliance on personal income tax, with high-income earners contributing a significant but volatile portion of tax revenue.

Spending in the budget rose nearly 1%, driven by increases in school aid and Medicaid. DiNapoli expressed concerns over budget practices that bypass debt limits and reduce transparency, highlighting over $367 million in exemptions from oversight. He called for reassessment of these practices to safeguard New York’s long-term fiscal health.



Categories: New York StateNews