New York Comptroller Warns of Billions in Upcoming Budget Gaps

New York is facing a $36.4 billion budget gap through fiscal 2026, putting increased pressure on lawmakers to rein in spending to align with declining revenue, Comptroller Thomas DiNapoli said in a Tuesday report.

The state is projecting operating funds revenue will decline 10% from the current fiscal year through 2026 as expenditures are expected to grow by almost $22 billion, or 17.8%. DiNapoli said the state’s estimated budget gaps are “well above typical forecasted levels over the previous 15 years,” a trend he attributed to a weakening economic forecast and increased state spending.

Personal income tax collections, one ...