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

“The Executive Budget proposal put forth today by Governor Hochul comes at a time of continued economic growth and improving revenues. State Operating spending is projected to grow by 7.9%, which is above the rate of inflation. I’m particularly concerned about the out-year budget gaps of $23.2 billion for the next three fiscal years, even as the Governor proposes to extend the personal income tax surcharge on high earners.

“The state needs to be prepared to assess any actions taken by the new administration in Washington and how they could affect New York’s finances. As we enter into a time of potential economic uncertainty, a focus on the long-term sustainability of the state’s finances and maintaining a commitment to increasing statutory reserves is necessary.

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