New York State Senate Finance Committee Releases the Economic & Revenue Forecast SFY 2009-10
February 23, 2009
(Albany, NY) Today, State Senate Majority Leader Malcolm A. Smith and Senate Finance Committee Chair Carl Kruger announced the release of the Senate Finance Committee’s annual Economic and Revenue Forecast for SFY 2009-10, a perspective on the performance of the national and State economies through the end of calendar year 2010. The report is released in conjunction with the Economic Consensus Forecast Conference which will be held today from 1:30 pm-3:30 pm in Room 124 of the Capital.
The report emphasizes the difficult economic times facing the State, national and global economies and projects that the current economic downturn is expected to last at least until the end of calendar year 2009. The report asserts that the economic climate is extremely volatile and economic risks are on the downside, projecting further economic decline and weakening of employment and the production of services and goods which are negatively impacted by current economic trends.
As chronicled in the report, the Senate’s Economic and Revenue Forecast project even higher state and national unemployment numbers, slightly lower non-wage or bonus payments, lower Gross Domestic Product (GDP) growth than was projected by the New York State Division of Budget. These lower economic indicators translate into lower projected revenue forecasts throughout almost major tax categories.
In the aggregate, this report projects lower state SFY ’08-‘09 revenue than was projected by the Division of Budget. The Senate Finance Committee estimates that for the remainder of SFY 2008-09, All Funds tax collections will be $521 million less than collections estimated by the Division of the Budget. On a General Fund basis, revenues are estimated to be $377 million below DOB’s estimates. The Senate Finance Committee also projects that All Funds collections in SFY 2009-10 will be $695 million lower than DOB’s projections; $627 million lower on a General Fund basis.
“This report, emphasizing the troublesome fiscal outlook for New York, will serve as an invaluable tool to identify the economic challenges that lay ahead as we strive to change the structure of our state’s budget,” said Senate Majority Leader Malcolm A. Smith. “By recognizing just how dire the economic conditions are, we can better prepare ourselves to build a new economy, one based on the principles of fiscal responsibility and prudent spending practices coupled with sound economic development and job creation.”
“Our report, while not surprising, serves as another wake-up call that New York’s recession will not end tomorrow or next month or next year,” said Senator Carl Kruger (D-Brooklyn), Chair of the Finance Committee. “While this is certainly not optimistic news, it offers a detailed picture of the state’s economic trends and projections, making it possible to craft a budget that most accurately reflects New York State’s expected revenues for 2009-2010.”
Posted by News LI Editor · Filed Under Politics
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