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Division of the Budget Releases Financial Plan Mid-Year Update

Last week, the New York State Division of the Budget (DOB) released its mid-year budget update. The update shows that the state’s budget deficit for FY 2017-18 has increased. According to a Budget Division spokesperson, the state will reduce spending in the current fiscal year to keep the current budget in balance.

The update shows the state facing a $3.5 billion deficit in FY 2017-18, which is the result of lower-than-expected income tax collections and the higher costs associated with new contracts for unionized state workers.

For more details, please refer to the Citizens Budget Commission analysis of the report.

Contact: Jeff Diamond, jdiamond@leadingageny.org, 518-867-8821