2020-2021 NYS BUDGET SUMMARY & UPDATE

2020-2021 NYS BUDGET SUMMARY & UPDATE

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April 3, 2020 – This week, facing the April 1, 2020 deadline, the Governor and Legislature agreed upon the 2020-2021 State Budget. The budget authorizes a reduction in spending by $10 billion to account for the economic impact of the COVID-19 pandemic.

Due to the ongoing pandemic, the budget also put its place the ability of the Director of Budget to review the state finances at various times throughout the year (April 30, May 31 and December 31) to ensure that revenues match expenditures. In the event there is a shortfall, the Director will have the authority to implement additional across the board cuts. The Legislature will have 10 days to review and implement their own plan if they disagree with the Directors’ plan. The budget also puts in place mechanisms to control spending through the year if revenues fall even further and raise spending if either revenue comes in higher than expected or the federal government delivers support that offsets the state’s revenue losses. As this is uncharted and unprecedented territory, we will be closely monitoring this process and ensure you are informed of any plan or determinations made during these times.

The budget also includes $3B in short-term borrowing through the Dormitory Authority and Urban Development Corporation, to fill the initial shortfall as a result of the economic impact of the COVID-19 pandemic.

Highlights of the policy adopted as part of the 2020-2021 State Budget can be found below: (for more details on a specific proposal please feel free to contact us and/or click the link to Governor’s budget press release: https://www.governor.ny.gov/news/governor-cuomo-announces-highlights-fy-2021-budget)

ENERGY & ENVIRONMENT:

  • Authorizes the Creation of a $3 Billion Restore Mother Nature Bond Act
  • Accelerates Renewable Energy Projects and Driving Economic Growth as Part of Nation-Leading Climate Agenda
  • Bans the Distribution and Use of Styrofoam
  • Enacts Comprehensive E-Bike and E-Scooter Legislation
  • Creates the Green Economy Tax Credit

INFRASTRUCTURE:

  • Develops an Innovative Strategy to Build High Speed Rail in New York
  • Invests in Roads and Bridges ($6B)
  • Job Training for the Future (Future of Work Centers

 PUBLIC SAFETY:

  • Bans high-risk sexual offenders from accessing the MTA subway, bus and rail systems
  • Provides Funding for State Police Hate Crimes Task Force
  • Removes Guns from Domestic Abusers
  • Creates the “New York Hate Crime Anti-Terrorism Act
  • Adjustments to 2019 Criminal Justice Reform Law (Bail & Discovery Reforms)

GENERAL GOVERNMENT & PUBLIC PROTECTIONS:

  • Requires Automatic Manual Recounts in Close Elections
  • Strengthens Disclosure Laws
  • Legalizes Gestational Surrogacy in New York State
  • Bans the “Pink Tax” (prohibition of gender-based pricing)

HEALTH:

  • Establishes the SUNY Curing Alzheimer’s Health Consortium
  • Creates a Medical Transparency Website Increasing Transparency in Healthcare Costs to Empower Patients
  • Enacts a Comprehensive Tobacco Control Policy
  • 3 Part plan to lower costs of Prescription Drugs
  • Redesigns Medicaid and Health Care

EDUCATION & HIGHER EDUCATION:

  • Invests in Opportunity Programs
  • Maintains School Aid at last year’s levels

LABOR & CONSTRUCTION:

  • Includes Prevailing Wage Changes
  • Makes the “New York Buy American” Act Permanent
  • Establishes Paid Sick Leave for Working New Yorkers
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