The New York State Legislature passed its $153 Billion dollar FY2018 Budget Sunday night. The agreement continues the state’s record of fiscal responsibility, holding spending growth to 2 percent while reducing taxes, making investments in education, enacting comprehensive criminal justice reforms, creating jobs, and rebuilding New York’s infrastructure.
About the FY 2018 Budget
- State Operating Funds spending is $98.1 billion in FY 2018 – an increase of 2 percent. (State Operating Funds exclude Federal funds and capital).
- All Funds spending is $153.1 billion for FY 2018.
- Increases Education Aid by $1.1 billion, including a $700 million increase in Foundation Aid, bringing the new Education Aid total to $25.8 billion or an increase of 4.4 percent.
- Increases Medicaid State share funding to $23.5 billion.
- Extends tax rate on millionaires – 45,000 taxpayers impacted, 50 percent non-residents, preserving as $3.4 billion in revenue next year.
- Begins Middle Class Tax Cut – saving taxpayers $250 on average next year, and 6 million New Yorkers $700 annually when fully effective.
Statement from Governor Andrew M. Cuomo:
“With this Budget, New York is once again showing what responsible government can achieve. The result is a Budget that advances the core progressive principles that built New York: investing in the middle class, strengthening the economy and creating opportunity for all.
“This Budget enacts the Middle Class Recovery Act to continue the Empire State’s upward trajectory and creates a path forward for those striving to get ahead. By making college at our world-class public universities tuition-free, we have established a national model for access to higher education, and achieved another New York first.
“For too long, draconian punishments for youthful mistakes have ruined the lives of countless young New Yorkers. By coming together, we reversed this injustice and raised the age of criminal responsibility once and for all so that 16- and 17-year-olds are no longer automatically processed as adults.
“This Budget continues the progress we have achieved to improve the lives of New Yorkers, and build a stronger, better Empire State that truly lives up to its motto: Excelsior.”
Statement from State Senator John Bonacic:
“This has not been the easiest budget negotiation, but I believe the budget that we have passed takes meaningful steps to make New York more affordable for middle-class families,” said Senator Bonacic. “Investing in education, lowering taxes and creating jobs, investing in our infrastructure, controlling spending, and combating heroin and opioid addiction, have always been among the priorities of the Republican Conference, and this budget addresses all of those things.”
Statement from State Senator Sue Serino:
“I promised my constituents that I would work tirelessly throughout this budget process to ensure that the enacted budget is one that would increase affordability and improve quality of life in our community and across the state. While no budget is perfect, in this regard, this year’s budget delivers.
“Passing the extender last week, gave us the time we needed to continue to fight for the things that matter to our local communities, and to push back against counter-productive proposals that would waste taxpayer dollars and jeopardize public safety.
As a result, New York will usher in a new era of college affordability that removes the emphasis on ‘free’, and instead aims to improve quality and keep students in our communities after graduation—a key provision that I have been fighting for since day one. This provision will ensure that we see a direct return on our investment and slow our state’s ‘brain-drain’ by incentivizing highly educated students to set roots here, and actually contribute to our local communities.
We will ensure that violent criminals do not receive a free pass for their crimes, but makes sure our criminal justice system provides young people with a reasonable chance to reform their lives; we have ensured that valuable tax cuts for middle class families and businesses remain intact; and we have passed the most significant workers’ compensation reform in recent memory which will help create jobs and actually reduce the cost of doing business in New York.
And notably, we will finally see ride-hailing expanded throughout our community, increasing access to transportation for everyone from our seniors to the countless local college students who call our community home.”