New York

New York

Budget Cycle

Governor Submits Budget
Fiscal Year Begins
April 1 

Governor Signs Budget 
By April 1

Budget Links 

FY2024 (enacted)
FY2024 (proposed)
FY2023 (enacted)
FY2022 (enacted)
FY2021 (enacted)
FY2020 (enacted)
FY2019 (enacted)

Enacted Budget – Fiscal Year 2024

New York Governor Kathy Hochul signed the state’s fiscal 2024 budget into law on May 3. The budget for fiscal 2024 calls for $229.0 billion in spending from all funds, a 3.9 percent increase over fiscal 2023, and $125.3 billion in state operating funds, a 1.3 percent increase. General fund spending, including transfers, is expected to total $104.4 billion in fiscal 2024, a 12.5 percent increase over fiscal 2023. All funds receipts are expected to total $224.3 billion, a 4.6 percent annual decrease, while general fund receipts (excluding the pass-through entity tax), are projected at $102.4 billion in fiscal 2024, a 2.7 percent decrease. After deposits to reserves, the state closed fiscal 2023 with principal reserves totaling $19.5 billion (16 percent of state operating funds). The state projects a total general fund ending balance (including the rainy day fund and other reserves) of $39.5 billion, or $25.9 billion when excluding funds for monetary settlements and pass-through entity tax credits. The enacted budget provides funds to address gun violence and improve the criminal justice system; fully funds school Foundation Aid for the first time in history; stabilizes public transit funding; makes transformational investments in clean energy and energy affordability; and raises the minimum wage. Other highlights of the budget include a $1 billion plan to fix the state’s mental health care continuum, $1 billion to support health care capital projects, and $2.4 billion in new university capital projects. Additional funding is also included in the budget to protect abortion access and provide emergency rental assistance.

Proposed Budget - Fiscal Year 2024

On February 1, New York Governor Kathy Hochul presented a budget for fiscal 2024 calling for total state spending from all funds of $227.0 billion, a 2.4 percent increase from updated fiscal 2023 spending estimates. State operating funds (including general funds as well as state-funded special revenue funds and debt service funds) are expected to total $125.2 billion, a 2.0 percent increase. General fund spending in fiscal 2024 is recommended at $106.9 billion, reflecting a 13.2 percent annual increase, while federal operating aid is expected to decline 3.1 percent to total $80.4 billion. Receipts from all funds are expected to total $225.3 billion, a 3.2 percent decrease. General fund tax receipts are expected to decrease 1.8 percent in fiscal 2024, though general fund revenue from all sources (including transfers from other funds) are estimated to increase 6.1 percent to total $104.5 billion. Excluding the pass-through entity tax (PTET) reserve and the reserve for extraordinary monetary settlements to fund existing commitments, the state is projected to end fiscal 2024 with a general fund cash balance of $25.9 billion, including rainy day reserves of $6.5 billion (6.0 percent of general fund expenditures) and $13.1 billion reserved for economic uncertainties.

Proposed Budget Highlights 

The governor’s fiscal 2024 budget makes transformational investments to meet the needs of state residents in priority areas, including mental health, housing, public safety, transit, combating climate change, child care, health care, economic development, and education; some key funding proposals in these areas are described below. The budget also commits more than $1 billion to support asylum seekers with critical health care, shelter, and other services. Additionally, the state is scheduled to use $2.25 billion in American Rescue Plan Act (ARPA) State Fiscal Recovery Funds in fiscal 2024 to continue providing critical government services, especially to those most impacted by the pandemic. 

Mental Health

  • Capital spending to develop new residential units ($915 million), expand inpatient psychiatric treatment ($18 million), and increase outpatient services ($60 million), as well as annual operating increases to support these new units and expanded services
  • $27.5 million to create care coordination teams to improve post-discharge services
  • $30 million to expand mental health services in schools


  • $250 million for infrastructure upgrades to support local housing development
  • $20 million for local rezoning planning and technical assistance
  • $50 million to create a statewide fund for home repairs for low-income communities
  • $39.8 million to reduce lead exposure risk in rental properties
  • $15 million for statewide data collection and $4 million for a Housing Planning Office

Public Safety 

  • $337 million for programs to prevent and reduce gun violence
  • $7 million for a new Anti-Fentanyl Innovation Grant
  • Additional funds for prosecution funding, discovery reform implementation, alternatives to incarceration, pretrial services, and reentry services

Transit and Other Transportation 

  • A package to address the Metropolitan Transportation Authority (MTA)’s long-term structural imbalance, including $400 million in operating efficiencies, $800 million revenue increase from Payroll Mobility Tax (PMT), $500 million increased contributions from New York City, $300 million in one-time state aid, a share of casino licensing fees and tax revenue for MTA operations, and more funding for safety personnel
  • Almost $7 billion for the second year of a five-year Department of Transportation Capital Plan, as well as substantial state capital support for mass transit needs

Environment, Energy and Agriculture

  • $500 million for clean water infrastructure
  • $400 million for Environmental Protection Fund
  • $200 million to enhance state parks
  • $200 million for provide certain energy customers with monthly utility bill discounts
  • $200 million for retrofits program to make low-income homes more energy efficient

Child Care 

  • Increase state investment in childcare system to $7.6 billion over four years
  • $389 million in federal funds for a Workforce Retention Grant program

Health Care 

  • $1 billion in health care capital funding
  • $100 million to expand Medicaid coverage of preventative health and primary care access
  • $157 million funding for nursing homes and $9 million for assisted living providers

Economy and the Workforce 

  • $425 million to invest in local economies through tax credits and other initiatives
  • $60 million in grants to support locally sourced school meals and food retailers
  • $58.5 million to support tourism
  • Establish the Office of Community and Workforce Development in New York City
  • Index the state minimum wage to inflation and offer fully paid parental leave to state employees


  • $3.1 billion (10 percent) overall increase to annual school aid
    • Fully funds the Foundation Aid school funding formula for the first time in its 17-year history, including $250 million set aside for learning loss tutoring
    • $125 million to expand prekindergarten support
  • $500 million for a state matching fund for contributions made to state university endowments
  • Additional funds for capital projects and operating support for public universities, including a 12.6 percent general fund higher education spending increase