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FY 2015 Executive Budget Summary

Overview

Governor Cuomo's FY 2015 Executive Budget continues the recent 2% spending cap for the new fiscal year and begins implementing a $2 billion tax cut package. Under this proposal, state operating funds spending (excluding capital) would increase to $92.0 billion, an increase of 1.7% or $1.5 billion. This plan would produce a $500 million surplus for the new fiscal year. “All funds” cash disbursements (which includes capital spending) are projected to grow by 0.9% or $1.3 billion, to $142 billion.

The following provides an issue-by-issue overview of major business-related initiatives included in the Executive Budget. We welcome questions and comments from Business Council members on these proposals and on other aspects of the Executive Budget.

Construction

Contract Procurement

Economic Development

Education / Higher Education / Workforce Development

Education
The budget provides an increase of $807 million in education aid for the 2014-15 school year, $608 of which is provided as formula-based school aid. The following are the major education initiatives in the executive budget proposal:

P-TECH expansion

Smart Schools Initiative

Statewide universal full day Pre-K

After school programs

Teacher Excellence Fund

School district reorganization and real property tax rates

Common Core

Higher Ed
New York State Science, Technology, Engineering and Mathematics Incentive Program

Workforce Development
Enhanced Youth Works Tax Credit

Election and Campaign Finance Reform

Energy

Long Island Office of the Department of Public Service

18-a Elimination for Industrial Customers (TED S.6357/A8557 Part S)

Reduction of Department of Public Service Administrative Burden (TED S.6357/A8557 Part R)

Environment

Financial Services

The Department of Financial Services will have under its purview new proposals to strengthen consumer protections in financial actions.  

Health Care / Health Insurance

The Executive Budget health-related proposals are varied in nature from the funding for the New York Health Benefit Exchange at an additional $54.3 million to $148.3 million in 2014-15, to legislating the composition of out-of-network health benefits and protecting consumers from physician surprise billing and balanced billing as well establishing capital finance programs meant to strengthen New York's health care infrastructure.

Out of Network (S.6357/A.8557 PART U)

Health Infrastructure Improvement

HCRA reauthorization

Medicaid Redesign

Labor / Human Resources

Racing and Gaming

Taxation / Revenues / Tax Credits

Corporate Tax Reform (Part A) - This proposal largely tracks prior draft legislation. The following provides an overview of key provisions of these corporate franchise tax reform provisions, and a separate, more detailed review of the Article 9A reforms will be available soon.   Key provisions include:

ITC and Manufacturers' Credit (Part R)

Estate Tax Reform

Tax Credits

Other Provisions

Technology / Telecommunications

Transportation

Travel and Tourism

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