New York State Comptroller Thomas P. DiNapoli released the following statement on Governor Hochul’s Executive Budget proposal:

“Governor Hochul introduced her Executive Budget proposal amid continued economic growth; however, as recent years have shown, the financial picture can change rapidly. As the state faces out-year budget gaps totaling over $20 billion through State Fiscal Year 2027-28, it is important that actions are taken to improve the long-term stability of the state’s finances while ensuring adequate funding for our most important needs, including education, public safety, health and mental health care, among other priorities.

“The Governor and the Legislature have boosted the state’s rainy-day funds and other reserves for economic uncertainties, and these funds should be retained for emergencies. It is important to develop clear guidelines on the appropriate use of these reserves. In addition to protecting reserve funds, policymakers must ensure that this year’s budget decisions also improve the state’s structural balance.

“I remain concerned about the state’s debt burden, one of the highest in the nation and which continues to grow. I have put forth proposals to bring comprehensive and binding debt reform that will ensure more responsible debt decisions and, more importantly, greater accountability to the public. It’s time this issue is addressed before it hinders the state’s ability to adequately address future infrastructure needs.

“My office will release a more detailed analysis of the 2024-25 Executive Budget in the coming weeks.”