Statement from Budget Director Robert Mujica on Lack of Consensus with the Legislature on Revenue Estimates
"The Governor has said that the challenge for this budget is dealing with the fiscal realities of revenue shortfalls and an unstable economy. At our revenue forecasting conference, independent nationally recognized economists, including those invited by the Legislature, warned of a slowing economy. The Federal SALT tax changes are hurting our economy and limiting our revenue raising options in the event of a recession.
"The revenue forecast is an essential starting point for the State budget, and the Senate, Assembly and Executive do not agree on a revenue estimate, with the Senate insisting on much higher revenues than the Assembly or Executive. By law, we now turn to the Comptroller for a binding revenue estimate.
"While the budget discussion always has differing political priorities and opinions, facts are still facts and numbers are still numbers and the numbers must govern a legitimate budget. The Governor has said getting the budget done on time is important but it is more important to get the budget right. Because of our record of prudent budgeting, we have never had to do a mid-year budget correction, and we are not about to start now."