Cuomo and Legislature agree to rosier revenue projections
March 2, 2021
Legislative leaders and Gov. Andrew Cuomo are projecting two-year revenue totals that are $2.453 billion above the estimates in the executive budget proposal.
The projection is part of the Consensus Economic and Revenue Forecast that was signed off on Monday by representatives of all the legislative leaders and state Budget Director Robert Mujica. The new revenue forecast will inform the final spending levels in the state budget that is due at the end of March.
Lawmakers and the Cuomo administration anticipate payroll employment in New York will increase by nearly 9 percent in the coming fiscal year and more than 6 percent wage growth, according to the report.
“Any unanticipated setbacks to the ongoing efforts to contain the spread of the Coronavirus, and therefore the sustainable re-opening of all sectors of the economy, will continue to be a significant downside risk to the economic and revenue forecasts, as it directly impacts the financial markets, global supply chains and trade,” reads the report.
“In contrast, a quick resolution of the Coronavirus pandemic, both domestically and internationally, will lead to stronger growth in output, employment, wages, and corporate profits than reflected in the consensus forecast.”
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