Nearly three weeks past the deadline, a final New York State budget is now in place for the 2024-2025 fiscal year. On Saturday, state lawmakers in Albany completed work on passing the spending plan that amounts to approximately $236.8 billion. Governor Kathy Hochul issued the following statement after its passage:
In my State of the State, I promised New Yorkers we'd fight to build more housing, improve education and protect public safety -- and that's exactly what our budget is going to do.
This budget agreement represents the most significant improvement in housing policy in three generations. It includes transformative investments in health care and education that will put our State on the path to fiscal stability. It will end co-pays for insulin, establish first-in-the-nation paid prenatal leave, and launch the EmpireAI consortium. This budget cracks down on retail theft and gives us new tools to shut down illicit cannabis storefronts. It helps the children of New York City by extending mayoral accountability for public schools. And we got it all done without raising income taxes by a single cent.
I'm grateful to Speaker [Carl] Heastie, Leader [Andrea] Stewart-Cousins and my colleagues in the Legislature for their collaboration on this agreement, and look forward to continuing to work together.
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