Greetings from Albany, NY  

 

In this edition, we share the latest on the New York State budget, the major sticking points, and examine potential implications of the ongoing negotiations.

 

Budget Timeline 

As of May 1st, the New York State budget is just over one month past its deadline, making it one of the later budgets during Governor Hochul’s tenure.

For comparison, last year’s conceptual budget agreement was announced on April 28th and was fully approved by both houses following debates on May 8th.

This week, the Legislature unanimously passed the eighth budget extender, allowing the current spending plan to remain in effect until May 4th. The Senate and Assembly are scheduled to return to Albany for session Monday morning, with a ninth budget extender expected, though its duration remains unclear.  In an informal gathering with the press late today, Governor Hochul indicated that more progress and updates on the budget could be announced next week.

Weekly Recap

Earlier this week, legislative leaders indicated that budget negotiations were still in the policy phase, with fiscal discussions yet to begin.

On Tuesday, Senate Majority Leader Andrea Stewart-Cousins told reporters that lawmakers are making progress on several of the more complex policy issues. She stated that frameworks were beginning to take shape on auto insurance reforms, proposed changes to the climate law, and updates to the State Environmental Quality Review Act (SEQRA) on new housing and infrastructure. She said she is hopeful that lawmakers can resolve these items soon and move into the fiscal portion of the budget process, noting that they are “approaching the end of the middle” of the budget making process.

By mid-week, in the Assembly, Assemblymember Pretlow, Chair of the Ways and Means Committee, compared the budget process to the innings of a baseball game, noting that serious progress is being made on policy issues and that they are heading into the first inning. He indicated that while there has been progress in key policy areas, there are not yet finalized bill language or table targets to review. He also added that once the financial negotiations begin, they will come together quickly.