Description

New York State tax revenues have declined precipitously over the last several years. Rather than growing at a rate that approximates the rate of growth in state spending, state revenues are declining absolutely. The result is a substantial gap between projected revenues and the projected budget baseline as estimated by the New York State Division of the Budget. In the Executive Budget that the Governor released on January 29, 2003, he estimated that for the state government's 2003-2004 fiscal year, revenues would fall $9.3 billion short of the projected expenditure baseline.