Fortunately, the national and state economies became robust at that time. I urged a similar disclosure process in my first column about this state budget, in April, as had the Citizens Budget Commission at the time. That is still very sizable. About $5.4 billion is technically still scheduled for reduction, but there have been other intervening developments. The table above does not factor in Enhanced Federal Medicaid reimbursement of an additional $2 billion for New York State approved by the Biden administration after the Executive Budget was released, or funds from Biden’s COVID-19 assistance plan for schools. This would still leave the State with more than $3 billion in federal education aid for the coming budget, as well as $1.4 billion in higher education funds. ALBANY – Gov. In fact, the City has only recovered 361,000 of the 944,000 jobs it lost between February and April 2020, or 38%, while the rest of the state outside the city has recovered 52% of its job losses, according to the New York State Department of Labor (my calculations of its data). At the time, and until now, nursing home care was the only Medicaid service that had a lookback and transfer penalty.See GIS 06 MA/016.. Change Coming in July 2021 - New Lookback for MLTC & Other Home Care and Assisted … ; Agency hearings are held between October and November. Email This email address is being protected from spambots. One reason is the state's huge deficit. You need JavaScript enabled to view it. As I indicated, federal resources would still be providing billions for the current and next year’s budget and that will not last forever, though there could be additional federal money headed to New York. This completely resets the framework for addressing next year’s problems. The Governor and Budget Director (photo: Mike Groll/Governor's Office). The State could also help school districts, colleges, and universities with emergency needs now. The governor’s budget forecast a $6 billion deficit for New York State in fiscal year 2024, which starts April 1, 2023. But New York State now has the resources to halt billions in scheduled budget cuts, and reset the budget deficit for the coming year into a far more manageable framework. What about the $2.6 billion already cut? ***Have an op-ed idea or submission for Gotham Gazette? This email address is being protected from spambots. There are still difficult challenges ahead, because federal bailouts in education, Medicaid, health care, and transportation will not last forever. the City incurs an operating deficit of more than $100 million during a fiscal year; the City issues notes in violation of the Act; the City violates any provision of the Act which violation substantially impairs the ability to repay its notes or bonds or its ability to adopt or adhere to a balanced budget, or The January 2021 jobs report just released by the Federal Bureau of Labor Statistics showed the nation as a whole has recovered about 12.5 out of the 22.4 million jobs lost since February 2020, or 56%. Explanations for the improvement center on the fact that, even though New York’s job loss situation has been devastating, the pain is mostly being felt by low- and moderate-income workers and households, while upper-income workers and households did not suffer anywhere near as much and their tax payments are holding up better than expected. The cash saving reaches $3 billion in the coming 2021-2022 fiscal year. var path = 'hr' + 'ef' + '='; At least $1 billion less in cash was transferred to capital projects in 2020, in part due to a pause in spending of this nature. But the State would have several billion dollars each year available for several years. This assumes the State would “permanetize” the first $2.6 billion in cuts, and eliminate the remaining $5.4 billion tentatively still scheduled. This is great news for New York residents and for New York governments’ beleaguered budgets. The latest extension into the final quarter of the State’s fiscal year brings another $750 million in financial relief to New York state government. Note that the federal receipts are new anticipated funds, not reflecting the already substantial infusions of federal aid provided in 2020 or 2021 thus far: The table below is from the submitted Executive Budget showing how a federal funds infusion of $15 billion could offset widespread budget cuts and tax increases in New York over the next two years: New York’s potential aid in the Biden plan, at an estimated $14 billion, is close enough to the governor’s estimate above to hold New York State’s budget harmless from spending cuts and tax increases for two years.
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