New York State adopted a new budget for fiscal 2014 Thursday, the third year in a row that the state has adopted a budget before the fiscal year’s start on April 1.
The three year streak is the first time since 1984 that the state has made the deadline for three years in a row.
The budget closed a $1.3 billion gap without new taxes or fees. State government approved a total operating budget of $90.2 billion and a total all funds budget (excluding Sandy-expenses and the Affordable Care Act) of $135.1 billion.
The budget allocates money towards the first year of a two year $7.1 billion transportation capital investment program.
“When I took office more than two years ago, New York was at a crossroads, with families and businesses leaving our state and a government that had lost the trust and confidence of the people,” said New York Gov. Andrew Cuomo. “Year after year the budgets were late and the entire process had become a symbol for the dysfunction and chaos of [state capital] Albany. We promised to build a new New York and the 2013-14 budget continues to deliver on that promise.”
