Portal:Show Me The Spending
From Sunshine Review
[edit] Featured article: New York state budget
When its new fiscal year begins on Apri 1, 2009, the New York state budget will face a $14 billion gap between incoming revenue and anticipated spending projects.[1] In September, 2008, the DOB, a fiscal agency that works with the Governor to create the state budget, [2] estimated that the deficit for the 2009-2010 term alone would reach $5.4 billion. [3] In an effort to close this deficit gap, Governor David Paterson offered his budget proposal one month prior to the deadline in December of 2008; the overall budget is $121 billion. [4] Gov. Paterson's proposed $121 billion budget for the 2009-2010 term increases overall spending by $1.3 billion or 1.1%. [4]
Governor Paterson's plan initially called for a $1.7 billion spending initiative in an effort to avoid a buget shortfall for 2008. [4] By November, 2008, it became apparent that only $771 of the initiatives could be achieved by the end of the year.[4] In October of 2008, based on anticipated declines in revenue, the DOB predicted the following budget deficits for New York. [4]
| Fiscal Term | Projected Deficit |
|---|---|
| 2008-2009 | $1.7 billion |
| 2009-2010 | $13.7 billion |
| 2010-2011 | $17.1 billion |
| 2011-2012 | $18.6 billion |
| Total four-year deficit: | $51.1 billion |
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