Governor’s Budget Released

Last week, Governor Kathy Hochul outlined her Fiscal Year 2024 Executive Budget. This year’s budget reflects many of the points she made in her State of the State address in January and includes funding for her initiatives, including mental health care, public safety, housing, education, climate initiatives, and more.

This year’s budget includes continued funding for the new Wadsworth Lab, but fell short on our request for expanded capital funding for NYSDOT projects.

Overall, the Governor’s budget proposal is $227 billion growing 2.4 percent. Per her announcement, deposits to reserves that were planned for 2024 and 2025 will be completed two years ahead of schedule - for a total of $24 billion secured for future needs.

Other budget highlights include:
• $1 billion for mental health care
• $5.5 billion toward environmental issues
• $7.6 billion, for child care investments
• $1 billion health care investments toward capital projects
• $1.3 billion economic development
• $24 billion commitment to education

Click here to see all the details in the Budget Book.