The New York State Fiscal Crisis and Special Legislative Session


The economic crisis facing the country has had a profound impact on New York State?s economy and on its government. We anticipate an extraordinarily difficult time ahead for New York State?with potentially very serious consequences for New Yorkers who depend on State support for important programs and services. We thought it might be helpful to summarize what is currently known about the status of New York State finances, the implications of the fiscal crisis for State governmental action and spending and the prospects for additional mid-year budgetary action during the special legislative session scheduled by the Governor for November 18th.

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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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