Senate Republican Leader Dean G. Skelos, Senate Independent Democrat Conference Leader Jeff Klein along with Senator Joe Robach released a revenue forecast by the Senate Finance Committee that estimates additional General Fund revenues above the Executive’s projection. The Senate report, supported by Joe Robach, projects revenues of $265 million more than the Executive’s estimate for Fiscal Year 2015, and $88 million more for the remainder of state fiscal year 2014.
The revenue projection, based on an economic forecast by the Senate’s nationally recognized fiscal consultants IHS Global Insight, shows that the total two-year General Fund revenue surplus is $353 million.
The revenue forecast report cites strong stock market growth in 2013, as well as improved business growth, as factors in projecting additional revenues over the two fiscal years.
“The additional state revenues should be used to further reduce taxes to create more job opportunities for all New Yorkers,” Joe Robach (56th Senate District) said. “The state’s fiscal condition is stronger as a result of three consecutive early budgets that kept state spending under control and lowered taxes. The new budget should build on that record.”
The revenue forecast report is posted on the Senate web site at — http://www.nysenate.gov/report/economic-and-revenue-review-sfy-2014-15