New York State budgets are prepared according to what is known as an executive budget model, which is a system where the governor is responsible for preparing and developing a comprehensive and balanced budget proposal for the state. This proposal is transmitted to the legislature, which amends and enacts the SeeThroughNY budget.
The SWFs’ operating budget includes the General Fund and other government-sponsored activities, financed by earmarked revenues from special government funds, and the Debt Service Fund, which represents the payment of debt service across all government tax-financed long-term. debt. All capital expenditures, regardless of the funding source, are included in the capital budget.
| FY 2020 Results | FY 2021 Results | FY 2022 Enacted | FY 2023 Projected | FY 2024 Projected | FY 2025 Projected | |
|---|---|---|---|---|---|---|
| Personal Income Tax | 53,660 | 54,967 | 61,050 | 65,494 | 68,448 | 71,348 |
| Gross Collections Withholdings Estimated Payments Final Payments Other Payments State/City Offset Refunds Gross Consumption | 64,985 43,118 17,025 3,454 1,388 -1,117 -10,208 18,022 | 65,531 44,218 16,441 3,572 1,300 -1,192 -9,372 16,117 | 71,605 47,945 18,195 3,982 1,483 -1,274 -9,281 18,154 | 76,479 49,250 21,682 4,014 1,533 -1,399 -9,586 19,089 | 79,925 51,514 23,095 3,731 1,585 -1,524 -9,953 19,549 | 83,347 53,236 24,540 3,932 1,639 -1,651 -10,348 20,032 |
| Consumption/Use Taxes | 18,021 | 16,117 | 18,154 | 19,089 | 19,549 | 20,032 |
| Business Taxes | 8,996 | 8,792 | 9,601 | 10,471 | 10,308 | 9,661 |
| Other Taxes | 2,212 | 2,500 | 2,288 | 2,410 | 2,525 | 2,649 |