NY Passes $132B Budget

For the second year in row, New York State is on the way to an on time budget. Governor Andrew Cuomo signed the first of several budget bills into law, while the Legislature passed all the bills that make up the $132.5 billion budget.

The agreement negotiated by Cuomo, Senate leader Dean Skelo and Assembly Speaker Sheldon Silver increases spending by 1.9 percent and addresses an almost $2 billion deficit.

“This more of a reform plan than a budget,” said Cuomo, adding the spending plan creates “major transformation.”

Cuomo and majority party legislative leaders praised each other for their efforts in achieving two on time budgets in a row, which they say is considered a feat after decades of late budgets.

Cuomo says government is once again functioning, and it’s a “very proud day for the entire state.”

The budget was due by midnight Saturday and lays the framework for the state for the 2012-2013 fiscal year.

The legislation includes a 4 percent increase for schools and a $16 billion "New York Works" program for job creation and infrastructure repair.

With the Associated Press