Proposed Budget - Fiscal Year 2025
On January 16, New York Governor Kathy Hochul presented her budget for fiscal 2025 calling for total state spending from all funds of $232.7 billion, a 0.5 percent increase compared to updated fiscal 2024 estimates. State operating funds (including general funds as well as state-funded special revenue funds and debt service funds) are expected to total $136.2 billion after adjusting for certain transactions, representing a 4.5 percent annual increase. General fund spending in fiscal 2025, which for New York begins on April 1, is recommended at $107.6 billion, reflecting a 4.0 percent annual increase, while federal operating aid is expected to decline 5.3 percent to total $84.6 billion. Receipts from all funds, excluding the pass-through entity tax (PTET), are expected to total $227.4 billion, a 1.9 percent decrease. General fund tax receipts are expected to increase 2.3 percent in fiscal 2025, while general fund revenue from all sources are estimated to increase 1.4 percent to total $106.5 billion. Excluding the PTET reserve and the reserve for extraordinary monetary settlements to fund existing commitments, the state is projected to end fiscal 2025 with a general fund cash balance of $28.9 billion, including rainy day reserves of $6.3 billion and $13.8 billion reserved for economic uncertainties.