The Fiscal Year 2024 Executive Budget presented on Wednesday lays out Governor Kathy's Hochul's $227 billion spending plan for next year, along with proposals for using a temporary surplus and multi-year projections for the State's economic and fiscal future. CBC's preliminary analysis of the fiscal documents identifies these five facts on the overall budget:

1. Fiscal Year 2023 Surplus: Fiscal year 2023 is projected to end with a reported $8.7 billion surplus, which the Governor proposes using to accelerate savings for a rainy day, prepay expenses, and build other reserves.
2. Updated Receipts and Economic Forecast: A mild recession is expected, reducing tax receipts projections by as much as $4.6 billion annually. 
3. Spending Growth: Approximately $2.4 billion in annual recurring new spending is added to the budget. CBC's analysis of State Operating Funds spending shows annual growth of 12.2 percent in fiscal year 2023 and proposed growth of 3.6 percent for fiscal year 2024. 
4. Budget Gaps: The use of one-time surplus funds, reduced receipts forecasts, and new spending result in a balanced fiscal year 2024, but budget gaps of $7 billion to $9 billion in the out-years. 
5. Rainy Day Reserves: The Governor proposes immediately building principal reserves to more than $19 billion by accelerating planned deposits. Proposed statutory changes would allow greater savings in the Rainy Day Fund lockbox. 

Read more details in Five Fast Facts About the NYS Fiscal Year 2024 Executive Budget.