DIVISION OF THE BUDGET
ROBERT L. MEGNA, DIRECTOR
March 2, 2011 CONTACTS:
Division of the Budget Press Office
2011-12 CONSENSUS ECONOMIC AND REVENUE FORECAST REPORT RELEASED
The New York State Division of the Budget, Assembly Ways and Means Committee, and Senate Finance Committee has jointly released the 2010-11 Consensus Economic and Revenue Forecast Report.
All parties agree that the economic outlook reached in economic consensus should result in an increase of receipts through the end of 2011-12 of $155 million when compared to the amount projected in the Executive Budget. While the report acknowledges that differences exist between the parties on the speed and strength of the State economic recovery, all parties agreed that New York’s recovery will continue.
Under State finance law, the Director of the Division of the Budget, the Secretary of the Senate Finance Committee, and the Secretary of the Assembly Ways and Means Committee must issue a joint report containing a consensus forecast of the economy and estimates of receipts. This report was finalized on March 1 and fulfills that statutory responsibility.
A link to the report is available here: http://www.budget.state.ny.us/pubs/press/2011/econRevForecastConf/2011-12ConsensusReport.pdf