ALBANY, N.Y. (NEWS10) — On Monday, the New York State Legislature released the Consensus Forecast for the 2022 fiscal year. It predicts revenues for the upcoming year. They’re predicting $2.5 billion more than Cuomo predicted in January.
The New York Consensus Forecasting Conference includes representatives from the minority and majority—Republicans and Democrats—of both houses of the legislature and the executive branch. Members include:
- Sen. Liz Krueger, chair of the Senate Finance Committee
- Sen. Tom O’Mara, ranking minority member of the Senate Finance Committee
- Assemblywoman Helene E. Weinstein, chair of the Assembly Ways and Means Committee
- Assemblyman Ed Ra, ranking minority member of the Assembly Ways and Means Committee
- Dr. Robert Mujica, New York’s Budget Director
The conference predicts that—after a steep 12.1% decline in employment in New York in fiscal year 2021—the state will experience 8.8% growth in fiscal year 2022. It also predicts growth in personal income and wages following previous dips.
New York’s fiscal year begins April 1 and ends March 31.
The Consensus Forecast is used when both Houses of the Legislature develop their own one-house budget bills, and to negotiate what each separate part of government can spend, or “table targets.” Once Conference Committees begin, they determine table targets using forecast.
State law requires that the executive branch and the minority and majority in both Houses agree on a revenue estimate to continue negotiating the budget process. Otherwise, the Legislature must turn to estimates from New York State’s Comptroller, Thomas DiNapoli.
Take a look at the Consensus Forecast: