Governor Hochul Highlights Southern Tier Investments as Part of FY 2024 Executive Budget

Governor Kathy Hochul today announced details of key proposals from her Fiscal Year 2024 Executive Budget to grow jobs and boost the economy in the Southern Tier of New York. In line with the 2023 State of the State, the budget includes a major investment to increase housing supply and expand economic opportunity and innovation in the region.

“Through these transformative investments in housing, innovation, education, and infrastructure, we are building a better, brighter future for everyone who lives in the Southern Tier,” Governor Hochul said. “With this funding, cities and towns across the region can revitalize their neighborhoods, create more opportunity for New Yorkers, and make their communities safer, more affordable, and more livable to ensure everyone has the opportunity to pursue the New York Dream.”

Several of the budget proposals Governor Hochul announced today are in line with the Economic Innovation Plan announced in the 2023 State of the State to grow jobs and businesses by expanding economic opportunity and innovation across New York State through targeted investments, business support and other programming aimed at high-growth industries. The Governor's budget includes several initiatives to invest in higher education and improve local attractions across the state. For the Southern Tier, the plan includes:

• $1.4 billion in School Aid for the Southern Tier
• $95.8 million Foundation Aid increase for the Southern Tier
• Over $151 million in DOT capital projects, including:
  • $45 million for pavement renewal on Route 17
  • $10.3 million to replace and repair bridges throughout the region
• $50 million for Binghamton University to continue establishing a hub for battery technology innovation
• Over $23 million for local paving and pothole repairs
• $24 million in capital investments at regional colleges, including:
  • $13 million for Binghamton University
  • $10 million for Cornell University
  • $963,000 for Broome Community College
  • $250,000 for Tompkins Community College
  • $177,000 Corning Community College
• $16 million for addiction services funding
• $10 million to improve the Fire Academy in Montour Falls
• $6 million for the Binghamton Flood Control Project
• $1.2 million for Neighborhood and Rural Preservation housing funding
• $400,000 for the Harriet Tubman Center for Freedom and Equity of Binghamton University
• $600,000 for Taughannock Falls State Park

Empire State Development President, CEO and Commissioner Hope Knight said, "Governor Hochul's forward-thinking budget proposal includes smart economic development strategies that will ensure communities statewide have the resources needed to support businesses and residents alike. These focused, transformative investments in education, workforce development, infrastructure, and affordable housing demonstrate her ongoing commitment to lifting up our local economies. These targeted Southern Tier projects will also work to fuel economic growth, helping this beautiful region to continue to soar."