State Sen. Tom O'Mara is renewing his criticism of New York's $277 billion budget, arguing that rising spending, projected deficits and stagnant reserves could leave taxpayers exposed to future financial pressure.
In a weekly column for July 27, O'Mara pointed to recent analyses from state Comptroller Thomas DiNapoli and the Citizens Budget Commission that raised concerns about the state's long-term financial plan and budget process.
O'Mara said state spending has increased by more than $108 billion, or 65%, since the 2018-19 fiscal year. He characterized that growth as reckless and said it has occurred at twice the rate of inflation.
DiNapoli's analysis of the enacted 2026-27 budget projected cumulative budget gaps totaling $31.7 billion by 2030, according to the column. The analysis also said total reserves were not increased and the state expects to draw down $1.3 billion from its General Fund balance by the end of the 2027 fiscal year to help balance the budget.
The comptroller warned that flat reserves and growing projected gaps could put state investments at risk, while national and international developments could affect New York's economy, tax collections and fiscal stability. State debt is projected to increase 64% over five years, from $60.3 billion to $98.8 billion, according to the analysis cited by O'Mara.
O'Mara also cited the Citizens Budget Commission, which said the state missed an opportunity to strengthen its finances despite strong revenue. The commission said state spending has grown $40.6 billion above inflation over the past decade while rainy-day reserves remained nearly flat.
The commission also called for the governor to release basic financial plan tables alongside the enacted budget so the public and lawmakers can see how money is being allocated while decisions are being made. O'Mara said the current process leaves many legislators and members of the public without a clear understanding of the final spending plan.
O'Mara concluded that the state's fiscal practices have created what he described as a looming fiscal cliff that could threaten programs and taxpayers in future years.
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