ALBANY, N.Y. (NEWS10) – The state is dealing with a price range deficit this yr, however the state comptroller explains that that is one thing the state has been heading into for fairly some time now.
With the Senate Majority stated they plan to cap taxes and state spending on Tuesday, the distinction has to return from someplace.
“For a interval of months we’ve had a shortfall of revenues coming in decrease than projected,” State Comptroller Tom Dinapoli stated.
Dinapoli says the state accumulating much less cash and the federal tax invoice are main elements on why the state is dealing with a deficit.
“What we anticipate shall be vital federal price range cuts is admittedly going to place New York in a really deprived place.”
These finances considerations might additionally plague New York not simply this yr, however for the subsequent few years, with a attainable $9 billion deficit in 2019. Dinapoli says his huge concern, is that the state will borrow extra money to make up for the deficit.
“New York already is a really extremely indebted state so I might actually warning utilizing that as an choice.”
This isn’t worrying Senate Republicans, who held a press convention on Tuesday, outlining how they plan to decrease taxes and management state spending.
“Actually from our start line, we’ve finished over $four.2 billion in tax cuts,” Senate Majority Chief John Flanagan (R-Lengthy Island) stated.
A few of the laws that’s outlined within the Senate Majority’s Affordability agenda is making the property tax cap everlasting and eliminating faculty property taxes for seniors over the subsequent 10 years.
“New Yorkers are leaving this state by the tens of hundreds and its not due to the federal authorities, its as a result of they will’t afford New York’s taxes,” Senator Fred Akshar (R-Binghamton) stated.
When requested how can the state afford to maintain its two % cap on state spending and minimize taxes?
“We will pay for these by doing issues the appropriate means and once more that is about what we’re doing to maintain individuals within the state of New York, how we’re making issues reasonably priced and what we’re doing to truly create jobs,” Flanagan stated.
Governor Andrew Cuomo’s price range proposal can be delivered subsequent week.