Last Monday, the Division of Budget (DOB) released the state’s mid-year fiscal update, which shows the state’s surplus from settlements with banks and financial institutions has grown to $5.1 billion.
Next January, Gov. Cuomo will submit to lawmakers a proposed 2015-16 spending plan, which is expected to include a plan to spend the windfall. Gov. Cuomo has already said that he would like to at least part of the settlement cash spent on infrastructure upgrades.
The mid-year fiscal update also indicates that the state plans to continue to adhere to 2% agency spending increase in future budget years. It also indicates that the state is projecting $236 million in tax revenue from four new casinos in the 2016-17 fiscal year.