The October Mid-Year Financial Plan Update reported New York State was facing an $8.2 billion budget gap in the current year and a $16.7 billion gap in fiscal year 2022, absent $8 billion in recurring to-be-determined local aid cuts. Since then, a federal aid package was approved, and the State Comptroller has projected that State receipts will be $4.2 billion higher than projected. These favorable developments will narrow these gaps, but balancing the fiscal year 2022 budget will require some combination of spending cuts, federal aid, other actions, and possibly additional revenue.