White Paper: 2009 Deficit Reduction Plan Passes - and 2009-10 Budget Negotiations Begin


On February 3rd, the New York State Legislature debated and passed a revised version of Governor David Paterson’s proposed Deficit Reduction Program (DRP) in order to allow the State to close the current year (2008-09) budget deficit—estimated at $1.6 billion. Through a combination of budgetary actions—including reductions in health care spending, reductions in certain legislatively added items in the current year budget, increased assessments on insurers and a redirection of a portion of the SUNY tuition increase to the benefit of the general fund—the Legislature not only eliminated the current year budget deficit, but reduced the next fiscal year’s budget deficit by $800 million. We have summarized the various elements of the bill below.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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