As he previewed in his January State of the State address, Governor Andrew Cuomo got his infrastructure bank this week after finalizing the state budget earlier this week.
The "New York Works" plan would use $232 million in capital funds and $917 million in new federal funds for a total of $1.2 billion in new spending. That funding would, in turn, leverage private resources to inject $15 billion into infrastructure spending.
According to Transporation Nation's Andrea Bernstein:
In the past year, infrastructure spending has gone out of of favor, particularly among Republicans. Governors Chris Christie in New Jersey, Scott Walker in Wisconsin, and Rick Scott in Florida all killed big rail projects, and Republicans in Congress have balked at passing a surface transportation bill, which runs out at the end of this month.
So it’s notable that Governor Cuomo sees infrastructure spending as part of his ticket to electoral success. His email describes New York Works “as a new and smarter strategy for putting New Yorkers back to work by rebuilding our aging infrastructure and helping put our state’s economy back on track.”