Last week, New York Gov. Andrew Cuomo released the official 2012-13 budget that keeps state spending growth at 2 percent.
The budget also launches the New Works Task Force, which is slated to invest in rebuilding roads, bridges and other infrastructure and create “tens of thousands of jobs,” according to a statement released by the governor’s office.
Further, the budget eliminates a general fund gap of $3.5 billion and reduces future budget gaps while it keeps state agency spending flat, according to the official budget document.
For local governments, the new budget means:
Relief for local Medicaid expenses as the state assumes more control over the program. In fiscal year 2012, local Medicaid growth will drop to 2 percent.
A new pension tier for local and state government employees, which will save $61 billion statewide over 30 years. The changes include increasing employee contributions, raising the retirement age, limiting over time and making a defined contribution option available to certain employees.
Reforming the Early Intervention program that serves 72,000 children a year. The plan includes relieving administrative burdens on local governments. All of the initiatives will save an estimated $54 million over five years.
State aid for school districts, which will be increased by $462 million.
State aid for municipalities, which will be increased by $71 million.
To view the entire 384-page New York state budget, click here: New York State 2012-13 budget.