New York Readying Budget Cuts to Address Revenue Losses (1)

New York officials are planning for an initial round of $10.1 billion in spending cuts from a $177 billion state budget enacted at the start of April, and they warn that several years of fiscal pain likely lie ahead.

Tax receipts have been hammered by the coronavirus pandemic since the last formal revenue estimate in mid-February, according to the state Budget Division. The April portion of the revenue losses, when officially tallied at the end of the month, will trigger authority for the Budget Director Robert Mujica to declare the state’s finances out of balance and begin to cut ...