Gov. Hochul Presents New York Budget Plan
Affordability at the Forefront
New York Governor Kathy Hochul presented the state’s fiscal year 2026 Executive Budget, allocating $252 billion to her State of the State proposals, a 3.6% increase from last year. $21.1 billion would be set aside in reserves to prepare for any unexpected economic downturn.
Hochul’s budget focuses on affordability, building on her State of the State address on January 14. Key proposals include free school meals, a tax cut for the middle class, expanding New York’s child tax credit, and an inflation refund for taxpayers.
Small Business Support and Inflation Refund
Hochul’s Affordability Agenda allocates $3 billion for Inflation Refund checks to 8.6 million New Yorkers. Additionally, $340 million would be used to provide free school breakfast and free school lunch for every New York student.
Crime Rate Reduction and Public Safety
The budget includes a significant investment in crime rate reduction, with $370 million allocated for gun violence prevention programs. Law enforcement departments across the state would also receive funding, including $77 million for the New York City Police Department to deploy two officers on every New York City subway train and increase its presence on subway platforms.
Healthcare and Housing Initiatives
The budget proposal includes $35.4 billion for the state’s Medicaid program and $100 million for first-time homebuyers through the housing budget plan.
Next Steps
Following the budget presentation, the legislature will conduct public budget hearings over the next few weeks. The state budget is due for completion on April 1.
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Conclusion
Governor Hochul’s budget plan aims to address affordability and public safety concerns in New York, allocating significant funds for Inflation Refund checks, free school meals, and crime rate reduction programs. The proposal also includes investments in healthcare and housing initiatives.
FAQs
Q: What is the total budget allocation for fiscal year 2026?
A: The budget proposal allocates $252 billion for State of the State proposals, a 3.6% increase from last year.
Q: How much will be set aside in reserves?
A: $21.1 billion would be set aside in reserves to prepare for any unexpected economic downturn.
Q: What are the key affordability initiatives in the budget plan?
A: The plan includes free school meals, a tax cut for the middle class, expanding New York’s child tax credit, and an inflation refund for taxpayers.
Q: What is the total allocation for gun violence prevention programs?
A: The budget proposal allocates $370 million for gun violence prevention programs.
