ALBANY—Here’s some early morning reading: a $2.8 billion deficit reduction package.
The highlights, as distilled by the Associated Press:
-$1.6 billion in cuts and temporary cash transfers from agencies to the general fund, already ordered by David Paterson on Sunday. That includes 11 percent cuts to most state agencies, which are supposed to avoid layoffs.
-$391 million in federal stimulus funds for education that were supposed to be used in the 2010-11 fiscal year.
-$250 million projected to be collected under a new tax-amnesty program.
-Over $600 million in cuts to several programs, including health care, that won’t reduce jobs.
Here’s a description of those cuts, from the Assembly press release (sent earrrrly this morning):
12.5 percent cut to remaining balances of local assistance grants; 5 percent cut to operating aid for SUNY, CUNY and community colleges; 5.4 percent cut to the Office of Mental Retardation and Developmental Disabilities; and $107 million in health care actions. The agreement also included several one-time legislative actions, including $200 million from the Battery Park City Authority, $90 million from the Regional Greenhouse Gas Initiative, $10 million from the Environmental Protection Fund and $26 million from the Dormitory Authority. The Governor also agreed to $485 million in agency cuts.
The Senate is expected to take these measures up this morning. Their session is scheduled to start at 10.