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On April 7–8, 2006, CBC convened a conference in Armonk, New York with the goal of identifying widely supported, high-priority measures for fiscal reform in New York State. This report highlights those measures in order to raise awareness and promote discussion in the coming year. The specific areas of reform targeted at the conference were the realignment of state and local fiscal responsibilities in order to lower local government’s tax burdens, changes in debt management in order to lower the State’s debt burden and make more effective use of borrowing, and improvements in the annual budget process in order to make it more accountable, timely and transparent.