ALBANY- Governor Kathy Hochul is set to unveil her fiscal year 2025 executive budget proposal this Tuesday in Albany. The governor’s executive budget proposal is the start of a roughly three-month-long process by which the state budget is adopted.
The chief budgetary challenge facing Hochul is a $4.3 billion budget gap, largely created by the absence of federal funding that was available in the last few budget cycles. Coupled with a state budget that has significantly expanded over the past several years, Hochul and members of the legislature are expected to debate the need for new taxes.
Healthcare costs and education funding make up a significant portion of the spending plan and are expected to once again dominate budget conversations. Other priorities including housing and funding for the migrant crisis, which New York City Mayor Eric Adams says requires both state and federal financial support, are expected to take centerstage.
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