New York State is broke. After decades of growing reliance on taxes generated by Wall Street, the revenue side of the state budget has collapsed to a level from which it will only slowly recover. Yet state spending has continued to rise, fed by old reserve funds, new gimmicks, tax and fee increases, and temporary federal aid. Like a runaway train, New York’s budget is in danger of running completely off the rails. It needs to be brought under control—before it’s too late.

New York’s fiscal crisis is not confined to state government. Counties, municipalities and school districts all have been affected by the economic downturn and its aftermath. All levels of government will feel the impact of actions needed to close unprecedented state budget gaps over the next several years. New York State faces a comprehensive, multi-year challenge demanding comprehensive long-term solutions—including:

• structural reforms and mandate relief to help every level of government cope with the recession and its aftermath, and
• state budget-making reforms to promote better long-term financial planning and instill more transparency and accountability into the process of spending taxpayers’ money.

Download & read the full report below.

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Better Budget: A Plan of Action for New York State