Albany Update March 3, 2006 AN ON– TIME BUDGET ??? After twenty years of late budgets, the governor and the legislature took another major step forward towards the passage of an on-time budget for the second year in a row. The deadline for an on-time budget is April 1st. This week the Governor and the legislative leaders agreed that there would be an additional $750 million in projected state revenues for the 2006-2007 budget. This agreement was reached eight days ahead of schedule. Now that there is an agreement on this figure, budget negotiations can begin in earnest. This all bodes well for the passage of an on-time budget this year. According to the Governor’s office, state revenues from taxes, fees and other income is expected to be $47.93 billion in the current year, and $51 billion in the following year. The larger revenue figures can be attributed to increased personal income tax collections, increased real estate tax collections reflecting the booming real estate market and increased corporate franchise tax collection. Wall Street year end bonuses are also fueling the increase. Of course, how this “windfall” is divided up, remains to be seen. Republican Governor George Pataki is calling for $3.2 billion in tax cuts to be implemented over the next few years and also putting some funds aside for future budget gaps. Senator Joseph Bruno, the Republican Majority Leader is calling for $8.4 billion in tax cuts to be phased in over the next three years. Assembly Speaker Sheldon Silver, a Democrat is calling for additional monies to be set aside for education and to help defray the costs of the CFE decision regarding the funding of New York City schools. Others are in favor of using some of the money as a hedge against future inflation and to help the state manage rising energy costs. These are some of the issues that remain to be negotiated over the next few weeks. Bolton-St. Johns will continue to monitor the budget process as it moves ahead and will keep you informed as to its progress. FUNDRAISERS Monday, March 6th Assem Luis Diaz [D] - Albany, $300 Senator Joseph Robach [R] - Chair—Civil Service - Albany, $350 Tuesday, March 7th Senator Mike Nozzolio [R] - Chair– Crime Victims - Albany, $500 Senator Kevin Parker [D] - Ranking mem—Energy & Communications - Albany, $300 Assem Susan John [D] - Chair—Labor - Albany, $500 Assem Ivan LaFayette [D] - Deputy Speaker - Albany, $400 Sunday, March 12th Assem James Conte [R] - Asem Minority Leader Pro-Tem - Huntington, $250 Monday, March 13th Senator Martin Malave Dilan [D] - Ass’t Minority Leader - Albany, $300 Assem Jeffrey Dinowitz [D] - Chair—Alcoholism & Drug Abuse - Albany, $350 Assem Jim Bacalles [R] - Ranking mem—Health Comm - Albany, $250 Adam Bradley [D] - Albany, $300 Assem Jim Hayes [R] - Ranking mem—Ways & Means - Albany, $250 Assem Rhoda Jacobs [D] - Ass’t Speaker - Albany, $350 Assem Felix Ortiz [D] - Chair—Veterans Comm - Albany, $350 Back to newsletter list

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