In a troubling development, the state missed an important budget deadline earlier this month when Governor Cuomo’s office failed to deliver a review of New York’s current budget along with tentative revenue projections for next year. Under budget reforms passed in 2007, the governor is supposed to deliver a mid-fiscal year budget report on Nov. 5. Legislative leaders follow-up with revenue projections of their own, and they and the governor sit down to hash out their differences. The idea is to create a more transparent, less rushed budget process.
Mr. Cuomo’s office said that turmoil in global markets has made the process much more complicated this year. That’s certainly plausible, but still, a missed deadline is a missed deadline. The mid-fiscal year review was established to ensure that the budget process is more transparent and rational than it has been in the past. So the missed deadline is a cause for concern. Read More