February 28, 2011

Silver and Farrell Release
Assembly Revenue and Economic Forecast

Assembly Anticipates $86 Million Less Than Executive's Revenues

Assembly Speaker Sheldon Silver and Ways and Means Committee Chair Herman D. Farrell, Jr., today released the Assembly Majority's annual Revenue and Economic Reports for New York State. The release of these documents is a critical step in the Assembly's analysis of the state's fiscal standing and in the process of working with Governor Andrew Cuomo and the Senate to craft a timely and responsible budget.

The revenue report for All Funds is projected at $134.5 billion for SFY 2010-2011, which represents an increase of $7.8 billion increase, or 6.2 percent, over SFY 2009-2010. The report's estimate is $49 million lower than the Executive's estimate for SFY 2010-11.

The report projects All Funds receipts will total $132.8 billion for SFY 2011-12, a decrease of $1.7 billion, or 1.3 percent, over SFY 2010-11. This is $37 million less than the Executives' forecast for SFY 2011-12.

According to the report, employment recovery has been slow with only 11.6 percent of the lost jobs regained as of January 2011. It also points to the uncertainties surrounding Wall Street and the financial industries as they emerge from the recent economic crisis and the impact it may have on the state's economy.