Assembly Speaker Sheldon Silver and Assembly Ways and Means Committee Chair Herman D. Farrell, Jr. today unveiled the Assembly Majority’s annual Revenue and Economic Reports for New York State.
These reports provide critical information about the state economy and are helpful to members of the Assembly as they work with Governor Andrew Cuomo and the Senate toward a state budget agreement that is timely and fiscally responsible.
The Revenue Report projects All Funds at $135.1 billion for SFY 2012-13, an increase of $2.4 billion from the previous year, and $73 million above the Executive’s estimates.
For SFY 2013-14, the report forecasts All Funds receipts to total $141.4 billion, an increase of $6.3 million from the previous year, which includes a gain of $3.8 billion in federal funds. The Assembly’s estimates for All Funds receipts are $484 million higher than the Executive’s forecast.
“These studies identify the current economic and fiscal challenges facing the state and nation’s economies, and help the Assembly in the preparation of a state financial plan that will carefully manage resources, invest in people and communities, boost our economy and create jobs,” said Silver.
“Thanks to the work of Chairman Herman D. Farrell and the Ways and Means Committee staff, the Assembly will have the crucial economic data necessary to make fiscal decisions that will again, as we did last year, result in an on-time and fiscally prudent budget agreement with Governo Cuomo and the Senate,” added Silver.
“While the economic recovery from the deepest recession since the Great Depression, has been slow, there are signs of steady improvement,” said Farrell. “Continued progress requires us to work within the realities of the economy and remain committed to funding programs that ensure New Yorkers, who are struggling financially, have access to the help they need.”
The Assembly Economic Report forecasted that employment in the state is expected to grow in the next fiscal year at a modest pace, with growth in variable wages expected in 2013 and 2014. This report also predicts base wages to continue to recover this year and the next, reflecting an expectation of a slow but continuing recovery.