A state budget for 2024-2025 was approved over the weekend by state lawmakers, well past its April 1st deadline. The Senate and Assembly enacted the $237 billion spending plan after final deliberations on numerous bills on Saturday. The budget will now head to the desk of Governor Kathy Hochul to be approved.
Statement from Governor Hochul:
“In my State of the State, I promised New Yorkers we’d fight to build more housing, improve education and protect public safety — and that’s exactly what our budget is going to do.
“This budget agreement represents the most significant improvement in housing policy in three generations. It includes transformative investments in health care and education that will put our State on the path to fiscal stability. It will end co-pays for insulin, establish first-in-the-nation paid prenatal leave, and launch the EmpireAI consortium. This budget cracks down on retail theft and gives us new tools to shut down illicit cannabis storefronts. It helps the children of New York City by extending mayoral accountability for public schools. And we got it all done without raising income taxes by a single cent.
“I’m grateful to Speaker Heastie, Leader Stewart-Cousins and my colleagues in the Legislature for their collaboration on this agreement, and look forward to continuing to work together.”
State Senator Pam Helming:
“This budget does not adequately address the concerns I consistently hear from my constituents. It does not make New York safer or more affordable. It does not safeguard the right of seniors and individuals with disabilities to be cared for in their homes. It does not help our Upstate communities expand housing or build infrastructure. It does not relieve small businesses of costly regulations or protect employers and jobs. It does not provide much-needed tax relief.
“Restoring school aid was an important priority that we fought for and won. But this budget fails my constituents and our district in too many ways.”
State Comptroller Thomas DiNapoli:
“After a lengthy process, the state budget includes increased spending and policy changes on issues of importance to New Yorkers, including housing, health care, mental health and education. While year-over-year spending growth appears to be significant, reserves are to be maintained at 15% of spending, consistent with recommendations I have long advocated. Adequate reserve levels are critical, as out year budget gaps and an uncertain economy create future fiscal pressure.
“I am pleased the final budget does not limit the Comptroller’s review of terms and conditions of backdoor debt by public authorities. The Comptroller’s oversight is essential to ensuring transparency and accountability for New Yorkers.
“My office will release an analysis in the coming weeks as more details become known about revisions to the state’s financial plan.”
