See How Taxpayer Money Is Going To Be Spent In New York State
With the start of the new year, we also have the beginning of the new year for state spending.
Recently, New York State Governor Kathy Hochul released the first draft of the 2024-25 New York State Budget. That budget outlines what the Chief Executive of the Empire State feels the government should spend its money on.
So far, we know that New York is not planning on doing any major tax increases this year, which should make the average New Yorker pretty happy. But considering that the Empire State typically has the second highest state budget in the nation, it's important to have an understanding of exactly what our money is going to be spent on.
This budget makes it clear that fiscal discipline can co-exist with progressive, people-driven policies... I am committed to fight the right fights on behalf of New Yorkers, and to pursue the common good with common sense – by seeking common ground.
-Kathy Hochul, Governor of New York
So, exactly what is New York planning to spend $233 billion on?
Here's How New York Is Going To Spend Your Taxpayer Money
New York is going to spend quite a bit of money in the 2025 fiscal year (April 1, 2024, to March 31, 2025), and with spending increasing just under 5% from last year, many people are wondering exactly where their $233 billion is going to be spent.
Here are some highlights from the state budget:
Highlights from 2024-25 New York State Budget
Gallery Credit: Ed Nice
Now, it's up to the New York State Legislature to review and potentially amend the budget. The New York State Senate and New York State Assembly have the option to add or subtract from this initial budget before voting on the final version.
The 2025 fiscal year starts on April 1st, so there's work to do. You can read the entire 2024-25 Budget Briefing Book here.
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Gallery Credit: Megan