ALBANY – Governor Eliot Spitzer revealed his $120.6 billion budget proposal Wednesday. This is an increase of 7.8 percent increase in state spending from last year; most of the increases can be attributed to Spitzer’s campaign promises, such as property tax cuts and helping education.
Spitzer said everyone agrees that the state needs to get everything under control and told the audience, “that is all we can afford.” New York State’s current debt is about $50 billion.
The budget offers $6 billion in real estate tax relief over the next three years. Senator Thomas Libous (R-Binghamton) said, “The real estate tax cut is like the one being offered in the senate and is a sign of positive change for upstate New York. This proposal offers significant property tax relief.”
Senator James L. Seward (R-Milford) agreed, saying, “The state senate has already passed a massive property tax relief plan, and I will fight for additional, genuine, property tax relief for the hardworking overburdened taxpayers I represent. I am disappointed that he proposes no tax cuts for small businesses.”
The governor’s plan has called for a $7 billion increase in education funding in the next four years. New York currently spends $15 billion a year on education. Assemblyman Gary Finch (R-Springport) said, “I was pleased to hear Governor Spitzer’s executive budget address accountability in the educational system in our state. Particularly, he identified abysmal graduation rates in the 40 percent range to the best performances only in the 80 percent range, all of which are unacceptable. With the proposed increases in funding to education, we all know that accountability is a priority.”
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