The Peru Gazette

“The passing of the state budget is welcome news. While jobs are rebounding in many industries, our economic recovery lags the nation, and risks have expanded as the budget process has unfolded, with growing geopolitical uncertainty surrounding Russia’s invasion of Ukraine and persistently high inflation. In addition, New Yorkers continue to grapple with the health, economic, and social impacts of the pandemic.

“I am pleased to see the budget will provide tax relief and support to help middle-class New Yorkers and small businesses, boost wages for health care workers, make green investments and extend relief programs to assist those affected by the pandemic.

“While it’s good news the budget maintains a commitment to building up reserves, many new programs will add recurring spending, and it is yet unclear to what extent they are supported by recurring revenues. Using temporary federal relief aid to fund new spending programs could create a “fiscal cliff” in the future. We must remember this influx of federal funding is finite. Bolstering state savings through the formal rainy day fund reserves is essential for sustaining services that New Yorkers rely on and improving the state’s long-term fiscal standing.

“My office will analyze the final enacted budget and release a detailed analysis in the coming weeks.”

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