Governor and Legislature Reach Consensus on Forecasted State Revenues

The New York State Division of the Budget, Assembly Ways and Means Committee, and Senate Finance Committee today jointly released the 2013-14 Consensus Economic and Revenue Forecast Report.

The Consensus Forecasting Conference was held on February 28, 2013. All parties, including both majorities and minorities, reached a consensus on a revenue total for the current year through the 2013-14 State fiscal year that is $200 million above the Executive Budget estimate. While the parties agreed that New York's recovery will continue, there are differing opinions as to the speed and strength of this recovery. However, it was agreed that the upside risks to the estimate modestly outweighed the downside risks.

This consensus marks an important step towards an on-time budget. Under State finance law, the Director of the Division of the Budget, the Secretary of the Senate Finance Committee, and the Secretary of the Assembly Ways and Means Committee must issue a joint report containing a consensus forecast of the economy and estimates of receipts. This report was finalized on March 1 and fulfills this statutory responsibility.

A link to the report is available here: http://www.budget.ny.gov/pubs/supporting/ConsensusForecastReport.pdf

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