On Tuesday, Governor Hochul presented the New York State FY 2025 Executive Budget. All funds spending is $233 billion, growing 4.5 percent from FY 2024.
Some highlights of the unveiled Budget include investment in public safety initiatives, $35.5 billion to fund Medicaid, and $4.8 billion to address serious mental illness and the youth mental health crisis. In addition, $35.3 billion is allocated for school aid, marking an increase of $825 million from last year and the highest-ever investment in education in State history. The Budget also prioritized safer roads and transit, fighting climate change, and addressing the migrant and asylum seeker crisis in New York City.
Over the next few months, the State Legislature will deliberate the Governor's proposed Budget with an anticipated approval date of April 1. Willett Public Affairs is closely monitoring the New York State FY 2025 Budget cycle and will keep our clients updated on important developments. Please feel free to contact us with any questions.
For more information about the Budget, please see the FY 2025 Executive Budget Briefing Book.