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Senate GOP: surplus should go to reserve funds or tax relief

Posted By Cara Matthews On February 28, 2011 @ 8:13 pm In Other | Comments Disabled

Unlike the Assembly Democrats, the Senate Republicans are expecting revenues in 2011-12 to exceed what Gov. Andrew Cuomo’s administration has forecast by $438 million, according to a Senate report [1] released today. Democrats, who control the Assembly, are projecting receipts will be $37 million less than the administration’s estimate.

However, for the 2010-11 fiscal year, which ends March 31, Senate Republicans are projecting the state’s receipts will be $23 million less than the projections by Cuomo’s Division of the Budget. (Assembly Democrats are predicting the total will be $49 million less.)

The balance—$415 million—should be placed in state reserve funds or be used to provide state and local tax relief, said Senate Republicans, who control the chamber. “While a forecast of additional revenue is good news, it should not be used for additional spending,” Senate Majority Leader Dean Skelos, R-Nassau County, said in a statement.

Senate Finance Committee Chairman John DeFrancisco, R-Syracuse, said the Legislature is on schedule and is following the Budget Reform Act of 2007. The Senate plans to act within two weeks on a budget, which will be submitted to public conference committees on the budget and used during continued discussions with the governor.

“This process bodes well for an orderly budget process and hopefully a timely budget,” DeFrancisco said.


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[1] Senate report: http://www.nysenate.gov/report/2011-senate-finance-committee-majority-revenue-forecast-report