How the state budget can impact you and your family?

Updated: 01/20/2014 5:47 PM
Created: 01/20/2014 4:40 PM WHEC.com

On Tuesday, Governor Cuomo will unveil his budget. Just after every dollar the state spends comes from the paycheck or the wallet of taxpayers.

The budget will top out at roughly $138 billion. The budget will propose to freeze your property taxes for two years, as long as your town and schools cap their spending and consolidate services. The governor says the budget will also reduce corporate and manufacturing taxes. How do you pay for that? There is a projected two billion dollar surplus. On the high end, Newsday is reporting schools could get another billion in aid. That’s about $900,000 per district in Monroe County. On the low end, the budget will include $200,000 to pay for a sexual harassment hotline for any state employee.

Now, almost half of the money the state spends comes out of something called the General Fund. It’s essentially a giant state bank account.  

For the last couple of weeks, as part of News10NBC’s exclusive series, “New York State Exposed”, we have been looking into the general fund because that’s where most of your tax money goes.

Assemblyman Joe Morelle, (D, Irondequoit), said, “The general fund is essentially revenues we get from broad based taxes. Then we use those for things like aid to education, could be money for a lot of things, corrections, for a lot of state employees.”

Assemblyman Bob Oaks, (R-Wayne County) said, “Well the system works. I wish it was set up a bit differently. It would be nicer if it was a bit of a more open process and one that people could understand a bit more clearly.”

Assemblyman Bob Oaks represents Wayne County. He’s the ranking republican on the Ways and Means Committee. That committee oversees the budget. 

News10NBC’s full New York State Exposed report on the general fund airs Thursday. 


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