MARCH 1998

Legislative leaders expect more revenues

Senate and Assembly leaders released revenue and spending forecasts indicating New York may have hundreds of millions of additional dollars available next year.

Assembly Speaker Sheldon Silver released a report projecting $1.3 billion in higher revenues and lower spending than the Governor's Budget Division has forecast through the 1998-99 fiscal year.

The Senate Finance Committee staff projects $766 million, and the Assembly Minority fiscal staff $455 million, in available funds beyond the Executive Budget.

Six outside experts spoke at Wednesday's economic and revenue forecasting conference, with several reporting that New York's economic performance is coming closer to that of the nation. However, high costs still hinder the state, economists said.

Despite "significant" improvement in the state's tax burden, "high business costs and high taxes will continue to drive manufacturing jobs away from New York," Sara L. Johnson of Standard & Poor's DRI said.

March 5, 1998