Fiscal reforms cutting state deficit: Cuomo

Bill San Antonio

Gov. Andrew Cuomo said in his annual State of the State address on Wednesday that New York is on pace to turn a $10 billion deficit when he first took office into a $2 billion surplus by 2016-17 due largely to the fiscal reforms of the last three years.

Cuomo, a Democrat who is up for re-election this November, proposed to continue the state’s economic reform by creating 400,000 new private sector jobs and freezing property taxes for two years, which he said is expected to provide New Yorkers with $1 billion in tax relief.

“This agenda will grow the economy and provide fiscal relief to taxpayers, give our schools the classrooms of tomorrow, reimagine infrastructure across the state to face the new climate reality and take steps to make our communities safer, fairer, cleaner and more progressive,” Cuomo said. “Working together, we will continue to move New York forward.”

In his address, Cuomo outlined the next phase of future storm preparation, a $17 billion strategy that includes repairs to state infrastructure and create natural barriers to protect coastline communities.

The plan also includes the hardening of the state’s electric grid and the creation of 10 microgrids for communities and buildings to operate as “energy islands” during power outages and a statewide fuel reserve that would prevent against gas shortages during emergencies. 

Among Cuomo’s proposed education reforms were a plan to provide universal pre-kindergarten classes and a $2 billion bond referendum for the full implementation of up-to-date technology in schools throughout the state.

Cuomo also announced the creation of a pilot medical marijuana research program that would take effect in up to 20 hospitals throughout the state and be used by seriously ill patients, as well as a $100 million expansion to the House NY program that launched last year to build and restore 3,000 affordable housing units and create 3,500 new construction jobs.

“Three years ago, we pledged to make the government work for the people of New York, transform our economy by reducing taxes and attracting businesses, develop world-class schools that give every student opportunity and make New York a progressive leader once again,” Cuomo said. “Today, we have hundreds of thousands more private sector jobs, a lower unemployment rate in all 10 regions of the state, schools that are held accountable for our children’s success, safer communities, more affordable health care and a fairer, more just state. This year, we build on that success.”

 

Share this Article