The trend toward closing NYS budget gap was confirmed in the Financial Plan, a required budgetary calculation. Given higher revenues certified by the comptroller last week, the plan suggests a 21-22 (fiscal year) gap of around $4b rather than the $8b suggested in earlier reports. More federal bailout money for states will simply be added to the staggering national debt, no doubt without any requirement for correcting over spending that routinely keeps New York in deficit from year to year.
Undetermined revenue from legalization of recreational marijuana and mobile sports betting will make it difficult to factor into the budget: such vaggeries serve the needs of the political class.
Of course the governor is against tax increases unless he considers the billionaires’ and millionaires’ incomes too high. He has been consistently opposed to such increases because of the reaction by higher income earners to leave the state. The legislature, especially the assembly want increases in the service of a “fair” tax, and the senate less inclined but may go along to a limited extent.
The governor has announced some capital spending plans using bonded revenue to meet some operating costs. This approach has been mentioned before and involves pay-as-you-go capital spending using free cash provided restraint by custodians of such various caches preserve the funds.