Governor Kathy Hochul delivered her second State Budget address this afternoon. The Governor began the address by noting that the general economic outlook is far less rosy than it was last year. Nonetheless, the Governor presented an optimistic vison of the State’s finances and progress for the upcoming year, as New York expects to end its current fiscal year with an $8.7 billion surplus as the result of increased tax collections throughout the prior fiscal year. For Fiscal Year 2024, the Governor is proposing a $227 billion budget, which represents a 2.4% increase over the prior year budget.
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