ALBANY, N.Y. (NEWS10) – New York Governor Andrew Cuomo announced the passage of the 2018 State Budget on Monday.
Gov. Cuomo says for the seventh consecutive year, the budget is balanced and holds spending growth to two percent, reducing taxes, and making smart investments in the state’s future.
“With this Budget, New York is once again leading the nation and showing what responsible government can achieve. The result is a Budget that advances the core progressive principles that built New York: investing in the middle class, strengthening the economy and creating opportunity for all,” Gov. Cuomo said.
Breakdown of the NY State Budget
- State Operating Funds spending $98.1 billion in FY 2018 – an increase of 2 percent. (State Operating Funds exclude Federal funds and capital).
- All Funds spending is $153.1 billion for FY 2018.
- Increases Education Aid by $1.1 billion, including a $700 million increase in Foundation Aid, bringing the new Education Aid total to $25.8 billion or an increase of 4.4 percent.
- Extends tax rate on millionaires, preserving as much as $4.5 billion in annual revenue – 45,000 taxpayers impacted, 50 percent non-residents.
- Begins Middle Class Tax Cut – saving taxpayers $250 on average next year, and 6 million New Yorkers $700 annually when fully effective.
- Invests $163 million to make college tuition free for middle-class families at SUNY and CUNY, and an additional $8 million to increase access to e-books statewide.
- Supports New York’s middle-class families by doubling New York State Child and Dependent Care Tax Credit.
- Raises the Age of criminal responsibility so that 16- and 17-year-olds are no longer prosecuted as adults.
- Supports and expands New York State’s historic $100 billion infrastructure program.
- Delivers $2.5 billion in funding to advance the creation or preservation of 100,000 affordable and 6,000 supportive housing units.
- Invests $2.5 billion in the Clean Water Infrastructure Act.
- Invests $750 million for the Regional Economic Development Councils Round VII.
- Includes $70 million for I ❤ New York to promote statewide tourism.