Highlights of the 2014-15 Executive Budget
The following is a summary provided by the Office of the Governor on Jan. 21, 2014
Dear Fellow New Yorker,
Today, Governor Andrew Cuomo unveiled the proposed 2014-15 Executive Budget. The budget continues the fiscally disciplined approach that has defined the Governor’s first three budgets and builds upon the State’s record of success during his term.
Over the last three years, Governor Cuomo has turned a $10 billion deficit to a $2.2 billion surplus by employing fiscally responsible policies and curbing the out-of-control spending that had defined Albany for decades. The surplus will allow the State to fund more than $2 billion in critical tax cuts for families and job-creating businesses, as well as allow the State to fund important investments in education, job creation, housing, preserving the environment, and building a stronger and more resilient state.
This year’s budget is far more than a budget: it is an innovative action plan with more policies and program development than ever before. The budget again limits State funding growth to 2 percent or less and builds on the progress of the last three years by restoring the public’s trust and making New York a state that is smarter, cleaner, healthier and reimagined for the future.
Some highlights of the budget include:
- Holds State spending growth to 2 percent for the fourth consecutive year;
- Cuts taxes by more than $2 billion by 2016-17, using surpluses to be generated by the Governor’s commitment to responsible fiscal management;
- Increases education aid by almost 4%;
- Funds a statewide universal pre-K program by providing $1.5 billion over a five-year period;
- Expands after school programs by authorizing $720 million over a five-year period;
- Ensures that all of our children have access to the latest technology needed to compete on the global stage by proposing a $2 billion Smart Schools Bond Act;
- Grows our state’s economy and creates jobs by providing an additional round of funding for the Regional Economic Development Councils and linking them with the START-UP NY program to attract businesses from around the world, delivers on the promise of the “Buffalo Billion,” and makes strategic capital investments in Upstate projects;
- Helps hospitals, nursing homes and long-term care facilities restructure to provide quality community-based care by advancing $1.2 billion in capital funding;
- Protects our state’s greatest resource – our environment – by increasing the Environmental Protection Fund (EPF), expanding outdoor recreational opportunities and access to NY-grown agricultural products, and providing a new round of NY Works capital funding for environmental facilities;
- Strengthens our public higher education system to excel both academically and as an economic engine by providing $110 million for a new and expanded round of SUNY2020 and CUNY2020 programs and $8 million in funding for a new Science, Technology, Engineering and Math (STEM) scholarship program;
- Connects the successful NY Youth Works to our community colleges and expands the tax credit program from $6 million to $10 million annually to help encourage more employers to hire inner city youth; and
- Provides new economic opportunities and improves services for veterans.
The new New York works for the people.
Office of the Governor