ALBANY — The budget Gov. Andrew Cuomo unveiled on Wednesday will likely deal serious damage to New York City's bottom line for years to come, budget analysts said.
Cuomo is proposing to shift the way the City University of New York is funded, to end the state’s assumption of the local share of New York City’s Medicaid costs, and to change the way the state handles the city’s STAR Personal Income Tax rebate. Those changes will likely cut close to $1 billion from the city’s budget starting in fiscal year 2017, which begins on April 1.
“For New York City, I think this is one of the worst budgets that it’s seen in a long time,” said Maria Doulis, a budget analyst at the Citizens’ Budget Commission.
That budget surplus the city had?
Just been wiped away by Cuomo in one fell stroke.