Amid national economic anxiety, new report projects poor fiscal outlook for New York

Amid national economic anxiety, new report projects poor fiscal outlook for New York

During a time of economic anxiety, a new state report released on Tuesday projects a multi-billion state budget gap, largely due projected declines in revenue from a weaker economy, stock market volatility and increases in spending.  DiNapoli’s report found this year’s state budget has a projected budget gap of $36.4 billion through fiscal year 2026-27.  “The state’s fiscal outlook has changed considerably over the past year, and significant economic and fiscal risks could further upend the state’s finances,” DiNapoli, a Democrat said in a statement. “The Governor and the Legislature prudently increased New York’s reserve funds, but that cannot replace…
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