One-House Budget Proposals Released In Albany

On March 12 and 13, respectively, the New York Assembly and Senate released their one-house budget bills in response to Governor Kathy Hochul's proposed $216 billion budget issued on January 18. The budget proposals are crafted based on an expanded revenue consensus arrived at between the Legislature and the Governor projecting revenues of between $800 million and $1.2 billion in excess of those initially predicted in the Governor's proposed budget for state fiscal year 2022–23.

While the Senate and the Assembly accepted or provided additional funding for many of the programs included in the Governor's budget, they rejected many other proposals they either opposed or deemed to be exclusively policy-driven (i.e., proposals with no fiscal impact) and therefore not appropriate for inclusion in the state budget. Although the Legislature may have rejected certain policy proposals in their budget bills, we expect several will be restored in the final budget agreement or