Citizens Budget Commission (CBC) President Andrew S. Rein released this statement on behalf of the CBC:

“While the Mid-Year Update clearly includes some good news, the State is still far from out of the woods. Lower spending and higher receipts reduce next year’s gap from $9.1 billion to $4.3 billion, but significant spending restraint is still needed to stabilize and strengthen the State's fiscal foundation. 

There are budget gaps of $9.5 billion in fiscal year 2026 and $7.7 billion in fiscal year 2027. Meanwhile fiscal year 2027's reliance on $9.1 billion in prepayments, reserves, and sunsetting tax increases means that the State's long-term structural imbalance is still more than $16.8 billion. The State should take decisive action to rein in spending in the upcoming budget in order to stave off significant future cuts. 

CBC will continue to provide additional updates and analyses of State projections."