Cuomo Budget Breakdown
Governor Cuomo Proposes Executive Budget for fiscal year 2018-2019:
1. Subway Action Plan
The State will provide $254 M (its half of the plan) for the following operating aid:
Deteriorating customer service
And position the system for future modernization
2. Tax Revenue transfer to MTA
The Executive Budget proposes amending the state law so the revenue is directly appropriated to the MTA.
Currently, the State collects and disburses the Payroll Mobility Tax (PMT) to the MTA.
3. MTA Capital Plan Support:
The MTA is investing $29.9 billion in its transit capital program:
This includes $8.6 billion in funding from New York State – the highest State investment ever.
4. Transportation Capital Plan Support:
The State’s $29.2 billion investment in DOT + Thruway Authority programs, enacted with the FY 2017 Budget, will ensure stronger State and local roads and bridges for years to come.
5. Local Infrastructure Commitment:
Funding for the Consolidated Highway Improvement Program (CHIPS) and the Marchiselli program is maintained at $477.8 million.
6. Clean Water Infrastructure Act:
The FY 2019 Budget continues the Governor’s multi-year $2.5 billion investment in drinking water infrastructure and source water protection actions that will enhance communities' health and wellness.
7. Energy Storage Initiative:
Governor Cuomo’s plan to deploy 1,500 megawatts of energy storage by 2025 and employ 30,000 New Yorkers, and unprecedented initiative.
8. $20 Billion Affordable + Homeless Housing Plan:
The Budget continues to support the creation or preservation of more than 100,000 units of affordable housing and 6,000 units of supportive housing.
9. Regional Economic Development Councils Support:
2011 - Governor Cuomo established 10 Regional Economic Development Councils (REDCs) to develop long-term regional strategic economic development plans.
Since then, the REDCs have awarded $5.4 billion to more than 6,300 projects.
The result: 220,000 new or retained jobs in New York.
The Executive Budget includes core capital and tax-credit funding that will be combined with a wide range of existing agency programs for an eighth round of REDC awards totaling $750 million.