With Governor Kathy Hochul’s Fiscal Year 2025 Executive Budget being released Tuesday, CBC’s “What to Look for...” zeroes in on the important questions whose answers will reveal if the proposal is righting the fiscal ship and dealing with the pressing policy issues key to New York’s stable and competitive future.  

Even in a fairly strong economy, the challenges are daunting: next year’s $4.3 billion budget gap balloons to a $16.8 billion structural budget gap in fiscal year 2028. Why? State Operating Funds spending climbed 19 percent over two years, and future spending is propped up with short-term funding.  

CBC’s “What to Look for” poses and provides the detailed background to unpack questions, including: 

• Is the budget balanced with reliable, recurring funding? Or with one-time funding? 
• Is spending brought back in line with revenues? 
• Will the Rainy Day Fund be strong enough to weather an economic storm? 
• Are Medicaid cost projections on target and affordable? 
• Does school aid flow to districts based on need? 
• Does the Executive Budget sidestep oversight and accountability—by including lump sum appropriations, eschewing Comptroller oversight, and allowing unilateral Executive authority to shift funds and borrow? 

With New York being a leader in population loss, it not only needs to be more affordable and deliver programs to meet residents’ needs, but it needs to be fiscally sound. Fiscal instability threatens the State’s ability to provide quality services to its people. Steps to shore up the budget are critical. 

For a guide through the budget basics, please also see CBC’s "Mid-Year Check-in".