We have an update from Albany from the Buffalo News. We recommend reading the entire piece but here are some highlights:
ALBANY – The 2021 state budget, set for likely passage this week, will include a large tax increase on wealthy New Yorkers and some corporations, restoration of a planned annual phase-in of a middle class tax cut program and relief for homeowners and tenants affected by the economic downturn associated with the Covid-19 pandemic.
Planned tuition hikes at the State University of New York will be blocked for 3 years under the looming deal.
The final pieces of the budget, which was due by March 31, are still under negotiation, but officials are banking on legalization of mobile sports betting to be in it to help finance massive spending hike desires.
The state’s aid to public schools will rise by about $1.4 billion in the coming year under a tentative agreement between Gov. Andrew M. Cuomo and the Legislature.
The governor’s proposal to use federal stimulus bailout money to supplant about $2 billion in expected state funding was rejected. Various education stakeholders raised widespread concerns about that plan because it would leave the state’s public school system facing a financial cliff when the federal aid money runs dry in a couple of years.
And the part you are all waiting for is at the end:
The final state budget will end up totaling more than $200 billion.
Lawmakers have three budget bills – out of a total of 10 – that were introduced over the weekend and can be passed on Monday. They previously passed one budget bill last week to authorize the state to continue to pay on its debt load.
Last to be seen – besides likely individual school district aid amounts from Albany – will be a massive bill into which, if tradition carries on again, all kinds of items will be sneaked at the very end.
Maybe that Early Retirement Incentive will be in that final bill which in Albany they call "The big ugly."
Update Monday Morning
This is from Dan Clark: