"Governor Hochul's Executive Budget proposes several actions to improve affordability, speed housing construction, expand child care opportunities, mitigate food insecurity, address energy costs and invest in clean water. While commendable, the state's long-term fiscal challenges persist, as spending growth remains above inflation and the state's economy and finances continue to be disrupted by actions taken in Washington. Out-year budget gaps are estimated to be $27.5 billion.

"Policymakers will face a complicated task crafting a budget this year given the heightened uncertainty in the economy and the prospect of even more unfavorable federal policy changes. It will be important to evaluate how budget proposals impact the costs businesses and residents are facing while also protecting essential programs and services that New Yorkers rely on.

"My office will release a more detailed analysis of the Executive Budget in the coming weeks."