Economic Development Investments
Internet connectivity for all, small business support, downtown areas revitalization, workforce development & helping MWBEs.
New York State's historic FY 2023 budget provides a blueprint for the short- and long-term future. The Budget invests in New Yorkers by rebuilding the healthcare economy, building the education system of the future, reducing the tax burden for those who need it most, improving the state's transportation and housing infrastructure, combating climate change, creating jobs, and improving public safety and ethics in government.
FY 2023 Enacted Budget Increasing State Reserves
The Budget brings the State's reserves to 15% of State Operating Funds spending by 2025 - a level never seen before.
Planned deposits are: $5 billion in FY 2022, $5.1 billion in FY 2023, $2.5 billion in FY 2024 and $2.9 billion in FY 2025.
We have a once-in-a-generation opportunity to not just bring relief to families and put more money in people's pockets today, but also to make historic investments in New Yorkers for years ahead.
Governor Kathy Hochul
FY 2023 New York State Budget Highlights
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Tax Relief for New Yorkers
Tax relief for the middle class, small businesses, and homeowners to provide more cash for working families across the State.
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Education
Providing unprecedented support to build the education system of the future with $31.5 billion in total School Aid for School Year 2023.
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Transportation Infrastructure
This new capital plan represents a $9.4 billion (40.2%) increase over the prior 5-year plan period in transportation infrastructure.
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Public Safety
Tackling the pervasive unease many are feeling in our streets and making our state safer and our criminal justice system fairer.
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Rebuilding the Healthcare Economy
Better working conditions for workers, aid to struggling hospitals & increasing home care worker minimum wage by $3.
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Housing
A bold $25 billion, five-year housing plan that will create or preserve 100,000 affordable homes across New York.
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Pandemic Recovery Funding
The $2 billion in reserve pandemic recovery funding will support one-time, non-recurring programs that will lift up vulnerable New Yorkers.
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Child Care
Investing $7 billion over four years, reflecting that access to quality child care is critical to children, families, and the economic recovery.
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To-Go Cocktails
For three years, bars and restaurants can sell alcoholic beverages "to-go" for off-premises consumption under appropriate limitations.
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Energy and Environment
An additional $1.2 billion for the landmark Clean Water, Clean Air, and Green Jobs Environmental Bond Act.
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LGBTQ+ Equity
A historic $13.5 million in funding for the Department of Health to support the LGBTQ+ community.