HERMAN D. FARRELL, JR. Assemblyman 71
District Room 923 Legislative Office Building Albany, New York 12248 (518) 455-5491 (518) 455-5776 FAX
THE ASSEMBLY STATE OF NEW YORK ALBANY
CHAIRMAN Ways and Means Committee COMMITTEES Rules Black, Puerto Rican, Hispanic and Asian Legislative Caucus
February 25, 2014 Dear Colleagues: I am providing you with the NYS Assembly Ways and Means Committee
Revenue and Fiscal Outlook
for State Fiscal Year (SFY) 2013-14 and 2014-15. This report is part of our commitment to presenting clear and accurate information to the public. It provides an overview of the national and State economies, as well as an analysis of the Committee staff revenue forecast. The Committee staff projects that total All Funds receipts will reach $140.688 billion in SFY 2013-14, which represents an increase of $7.513 billion, or 5.6 percent, from SFY 2012-13. The Committee staff estimate is $82 million below the Executive’s estimate for SFY 2013-14. The Committee staff projects that All Funds receipts will total $142.311 billion in SFY 2014-15, an increase of $1.623 billion, or 1.2 percent, over SFY 2013-14. The Committee staff forecast is $410 million higher than the Executive’s forecast for SFY 2014-15. This difference is largely attributable to differences in economic projections and how this translates into receipts. The Committee staff’s economic and revenue projections are reviewed by an independent panel of professional economists drawn from major financial corporations, prestigious universities, and private forecasters from across the State. Assembly Speaker Sheldon Silver and I would like to express our appreciation to all of the members of our Board of Economic Advisors. Their dedication and expert judgment have been invaluable in helping the Ways and Means Committee staff refine and improve this forecast. They have served to make the work of the staff the best in the State. Of course, they are not responsible for either the numbers or any of the views expressed in this document. I wish to acknowledge the fine work done by the talented Ways and Means Committee staff. Their forecasts are integral to the budget process. The Speaker and I look forward to working with each of you to achieve our goal of crafting a fair budget for all New York families during this challenging time.
Sincerely Herman D. Farrell, Jr. Chairman