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Gov. Kathy Hochul presents New York’s Fiscal Year 2023 Executive Budget

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Albany, New York — On Tuesday, Gov. Kathy Hochul presented New York’s Fiscal Year 2023 Executive Budget.

“We have the means to immediately respond to the COVID-19 pandemic as well as embrace this once-in-a-generation opportunity for the future with a historic level of funding that is both socially responsible and fiscally prudent,” Gov. Hochul said. “As I said in my State of the State speech: It’s time for a better, fairer, and more inclusive version of the American Dream. I’m calling it the New York Dream. We will make that New York Dream real – and ensure that it can be realized by every single New Yorker.”

“Governor Hochul’s Executive Budget makes historic investments in critical areas while ensuring that we are equipped for future shocks,” Budget Director Robert Mujica Jr. said, “Never again will the State find itself unprepared for the opportunities – or challenges – ahead. After years of unprecedented hardship, this Budget makes the State, from a financial perspective, as resilient as its spirit. It is the Budget that New Yorkers deserve and expect.”

According to Hochul, the executive budget calls for $216.3 billion in spending, aided by better than expected tax revenues and federal funding from coronavirus relief packages. The total spending proposal represents a 1.6% increase from the Fiscal Year 2022 budget.

“This is a once-in-a-generation opportunity to make purpose-driven investments in our state that will pay dividends in the future,” Gov. Hochul said.

Some of the highlights of the proposed budget, according to the governor, include:

• $10 billion to rebuild health care workforce, build “health care system of the future”
• $31 billion to strengthen teacher workforce and invest in schools
• Tax relief for small businesses and the middle class
• Five-year $32.8 billion Department of Transportation Capital Plan to leverage federal funding in support of infrastructure projects throughout the state
• $900 million in child care stabilization grants to cover operational costs for 15,000 child care providers statewide
• $1 billion to fund small businesses and tax credit for COVID-related expenses
• $1.5 billion invested in SUNY and CUNY over next five years, expands TAP eligibility
• $4 billion for Clean Water, Clean Air, and Green Jobs Environmental Bond Act
• $500 million for offshore wind projects
• Launches five-year, $25 billion “comprehensive housing plan”
• $224 to fund law enforcement and community-based gun violence initiatives

 

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