Twenty our months ago, Andrew M. Cuomo was sworn in as the 56
Governor o NewYork. He came into oce at a critical period in the history o our state: substantial job lossesand the exodus o businesses had severely weakened the state’s nancial condition andlet many New Yorkers eeling hopeless about the uture. Years o political dysunction,ineective government, and a scandal-ridden environment had led many to lose their aithand trust in Albany.Governor Cuomo recognized that New York was at a crossroads: it could continue down apath o decline, or honestly ace its problems and tackle them head-on. He recognized that totransorm the government in Albany, it was imperative that we make the state governmentwork again. And he recognized that all o it—scal sustainability, a unctioning economyand a responsible government—is the undamental precursor to making our state a moreair and just place or everyone. In his rst month in oce, Governor Cuomo proposed atransormational plan or a new New York and began a 24-month journey to make it a reality. The path to change was not easy. Entrenched interests had resisted change or decades, butdrawing strength rom the people o New York, Governor Cuomo orged a path orward byengaging citizens in the process o governing every step o the way. Time and time again, he produced results on issues that had been intractable or decades. Hebalanced the State’s budget two years in a row and brought long-term stability to our statenances. He passed a property tax cap and public pension reorm to reduce the growingburden o property taxes on our amilies and businesses. He led the ght or ethics reorm,providing or true transparency. He moved our state’s education system to ocus on studentachievement and accountability. And he helped restore our state’s reputation as the progressivecapital o the nation with the passage o the Marriage Equality Act and a progressive agendaaimed at making New York a more air and just place or all New Yorkers.
Restoring the State to Long-Term Fiscal Stability
The Governor began his transormation by restoring New York’s scal integrity. Within amonth o taking oce, he delivered to the Legislature a historic budget that closed the State’s$10 billion budget decit with no new taxes, ees, or gimmicks, and led the eort to achieveits timely passage, the rst on-time budget in years. The 2011-2012 budget undamentallychanged the way the budget process worked by eliminating certain automatic infators andpegging increases in education and Medicaid spending to rational and aordable measures o growth. These actions helped restore long-term structural balance.In 2012, the Governor continued this eort, enacting an early budget that closed a $2 billiondecit and limited spending growth to 2% or less or the second year in a row. An importantcomponent in containing costs was the Governor’s work to hold state agency spending fat byredesigning agency operations and eliminating waste. The Governor’s work to restructure state nances is paying o. Since Governor Cuomo took oce, out-year decits have been reduced by a cumulative $76 billion. Recently, Standard &Poor’s Ratings Services revised its outlook or New York State bonds to “positive” rom stable,citing many o the important scal reorms the Governor has implemented.