Governor Kathy Hochul unveiled her $260 billion Fiscal Year 2027 budget on Tuesday. Hochul revealed a spending plan aimed at strengthening affordability for families, expanding child care and education funding, boosting housing and infrastructure investment, and protecting public safety — all without raising income taxes for New Yorkers.
In a statement announcing the budget’s highlights, Hochul said the plan is designed to make New York “stronger, safer, more affordable” while preparing for federal funding uncertainties and building on economic growth since the pandemic. The proposal maintains $14.6 billion in state reserves, the highest level in state history, and preserves the state’s AA+ credit rating.
Affordability and Family Support:
The budget includes an additional $4.5 billion for child care and Pre‑K services, building on prior investments to expand access and reduce costs for working families. It also proposes eliminating state income tax on tipped wages for workers filing 2026 tax returns and enhancing credits such as the Child and Dependent Care Credit.
Education Funding:
Hochul’s proposal calls for record levels of school aid — about $39.3 billion — including increases in Foundation Aid for school districts, expanded universal pre‑K, and continued support for free school meals. Additional funding would help maintain freezes on tuition at SUNY and CUNY four‑year colleges and expand community college access.
Health Care and Social Services:
The budget aims to shield health and mental health care services from deep federal cuts by bolstering Medicaid funding and investing in hospitals, safety net programs and reproductive health care access.
Housing and Infrastructure:
Hochul’s plan would accelerate affordable housing production with more than $250 million in new investment and expand initiatives such as MOVE‑IN NY for starter homes. It also provides significant funding for transportation infrastructure, clean water systems and community development projects.
Public Safety and Food Security:
The budget continues record investments in crime prevention and emergency response, including grants for gun violence prevention and subway safety. It also includes enhanced funding for food security programs and upgrades to safety net systems.
Hochul framed the budget as a disciplined plan that balances maintaining fiscal stability with strategic investments in critical services and supports for families. “Every dollar in this year’s budget is being put to work to fight for families,” she said in the release.
Watch/Listen to the budget unveiling:
https://www.youtube.com/embed/YG3rI95TAdI
Read the full spending plan:
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