DIVISION OF THE BUDGET
ANDREW M. CUOMO, GOVERNOR
ROBERT L. MEGNA, DIRECTOR
March 2, 2012 CONTACT: Morris Peters
GOVERNOR AND LEGISLATURE REACH CONSENSUS ON FORECASTED STATE REVENUES
THE 2012-13 CONSENSUS ECONOMIC AND REVENUE FORECAST REPORT RELEASED, MARKING PROGRESS TOWARDS ON-TIME BUDGET
The New York State Division of the Budget, Assembly Ways and Means Committee, and Senate Finance Committee today jointly released the 2012-13 Consensus Economic and Revenue Forecast Report.
All parties reached a general consensus on the strength of the economic recovery and revenue growth path within a narrow range for the two-year revenue total. The forecast variances ranged from $133 million below, to $315 million above, the Executive Budget. This range represents 0.3 percent of the Executive Budget two-year revenue total of $143.2 billion. These minor differences resulted from the translation of economic factors to receipts produced by each of the party’s revenue models.
This consensus marks an important step towards an on-time budget. 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 this statutory responsibility.
A link to the report is available here: http://www.budget.ny.gov/pubs/press/2012/econRevForecastConf/2012-13ConsensusReport.pdf