Kathy Hochul on Budget

Governor Kathy Hochul has centered her budget proposals, such as the Fiscal Year 2027 Executive Budget, on making New York more affordable and investing in key areas while maintaining fiscal responsibility. Her plan funds a path to universal child care and makes substantial commitments to health care, infrastructure, and affordable housing. A core tenet of her approach is to achieve these goals without raising income taxes on New Yorkers. The Governor has prioritized maintaining the state's reserves, which for FY 2027 stood at $14.6 billion, to act as a buffer against potential economic downturns or uncertainty from Washington, thereby protecting the state's AA+ bond rating.

This fiscally responsible stance contrasts with some legislative priorities, as state lawmakers often propose tax increases on the wealthiest residents in their counter-proposals. Her budget reflects a focus on targeted investments, such as record school aid and addressing the housing crisis through accelerating construction and revising tax breaks for affordable housing owners. While the Governor actively champions major spending initiatives, she is consistent in her messaging about protecting taxpayers from income tax increases and preparing for federal funding volatility.