Lawmakers pass 2025-2026 New York State budget
ALBANY, N.Y. ( NEWS10 )— Lawmakers in New York State approved the belated 2025-2026 budget late Thursday evening. This expenditure plan amounts to approximately $254.3 billion, which is more than $10 billion above the previous year's budget.
The budget was finalized over a month past the usual April 1 deadline. The state proposal features a $1 billion commitment to housing programs, along with anticipated inflation relief payments for eligible New York residents.
The approved budget now requires Governor Kathy Hochul's signature. On Thursday evening, New York State Senator Patricia Fahy showed confidence in the state’s financial plan, noting that even though the budget was late, it came about through "many compromises" which she believes will yield long-term, beneficial effects.
“I’m incredibly proud that the core of our Capital Region and the 46th District, downtown Albany, will receive $400 million in transformative, once-in-a-generation funding. This includes $200 million for downtown revitalization, $150 million for upgrading the New York State Museum, $35 million for the next phase of the reimagining I-787 study, and $1.5 million for addressing public safety in our neighborhoods,” said Fahy (D-Albany). “I look forward to engaging our community, stakeholders, and residents as we move forward with this funding, and make no mistake: together, these initiatives will usher in a new day for the Capital Region, the impacts of which will be felt for years, if not generations to come, if we get it right.”
Meanwhile, Assembly Minority Leader Will Barclay (R,C-Pulaski) criticized the plan, saying “The final 2025-2026 state budget, reaching an unprecedented $254 billion, represents another reckless escalation of spending that does little to improve New York’s fiscal stability or economic condition. This spending plan, the latest in 15 years and $13 billion more than last year, continued Albany’s pattern of closed-door dysfunction and lack of transparency. Most of the policies that held up budget talks for more than a month represent small steps when comprehensive action was needed.”
Join us on NEWS10 both on-air and online as we keep providing updates on the 2025-2026 state budget developments.
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