Governor Cuomo yesterday (January 21) outlined his FY 2021 Executive Budget.
The plan features a five-year, $33 billion proposal combating climate change, a $28.5 billion investment in the state’s education system, a $64 million plan for homeless & mental health services and a $25 billion expansion of New York’s largest-in-the-nation building program, bringing it to $275 billion.
It also includes additional middle class tax cuts for 4.7 million New Yorkers making under $300,000 a year, along with a new proposal to ban foreign-influenced corporations from making contributions to political contributions, a $157 million expansion of the Empire State Child Tax Credit and an additional $25 million funding to harden security infrastructure at non-public schools and cultural organizations vulnerable to hate crimes.
Additionally, the governor proposed various reforms to the state’s Medicaid system with a new Medicaid Redesign Team co-chaired by Michael Dowling of Northwell Health and labor leader Dennis Rivera, who will work to identify $2.5 billion in savings this year through industry efficiencies or additional industry revenue with zero impact to beneficiaries.
The budget plan also contains proposals to ban the sale of flavored e-cigarettes and cap insulin co-payments at $100 per month.
“This budget is a roadmap for delivering progressive results for the people of this state and addressing the imminent challenges of our time by advancing social, racial and economic justice. We’re proposing historic investments in climate change and infrastructure programs and fixing the school aid formula to ensure poorer schools get the funding they need,” Governor Cuomo said. “We’re tackling the division and hate that has spread like a cancer in the body politic by funding new security measures for organizations targeted by hate crimes, protecting our democracy from foreign-influenced corporations, and addressing homelessness, child poverty and other barriers facing low-income New Yorkers. These policies build on our extensive accomplishments over the past nine years that have led to unprecedented economic growth and social progress and historically low unemployment throughout the state all while maintaining fiscal discipline and lowering taxes for middle class families.”
See full 2021 Executive Budget Address below: