New York raised its tax revenue forecast by $8.1 billion for the current fiscal year, according to the Times Union.
The state attributes the increase to stronger income tax collections and Wall Street profits.
Officials plan to bolster reserves and pay down debt, while next year’s projected budget gap fell from $6.4 billion to $2.9 billion.
Current fiscal year spending is projected at $277 billion.
Budget Director Blake Washington has asked agencies to hold budgets flat, warning that federal changes and a slowdown in artificial intelligence investment could weaken revenues.
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