Statement By New York Governor Eliot Spitzer On Economy

January 28, 2008 -- The economic storm clouds that hang over our nation and this state call for hard choices and shared sacrifice. Economists I spoke to just this morning are forecasting a sustained economic downturn, which demands fiscal restraint from leaders across the country.

New York City fared well in this year's Executive Budget receiving a net increase of $1.2 billion over last year in school aid, property tax relief, Medicaid savings and Aid and Incentives for Municipalities (AIM) funding. I understand the City did not get everything it wanted but rocky economic times mean that every recipient of state funds must share the responsibility of across the board belt tightening.

Additional resources to New York City include:

* Total NYS School Aid to the New York City school district will increase from $7.6 billion in 2007-08 to $8.2 billion in 2008-09, an increase of $539.3 million or 7.1%;
* Total STAR property tax relief to New York City residents will remain roughly the same as received last year with only a slight decrease;
* Total AIM funding for New York City residents will increase from $20 million in 2007-08 to $163.9 million in 2008-09; and
* Projected savings for New York City for the Medicaid Cap and State takeover of Family Health Plus will total $520.4 million in 2008-09.

Source: New York Governors

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