Reports: NY will bring in $1.7 billion less in 2011-12

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Assembly Democrats are projecting the state’s receipts will $134.5 billion for the 2010-11 fiscal year, which ends March 31. That’s an increase of $7.8 billion — 6.2 percent — over 2009-10. It’s $49 million less than what Gov. Andrew Cuomo’s administration is estimating.

For the 2011-12 fiscal year, Assembly Democrats are estimating the state will bring in $132.8 billion, $1.7 billion less than 2010-11. The projection is $37 million less than what the Cuomo administration if forecasting.

The details are in the Assembly Majority’s annual revenue and economic reports, which were released today.

The report is an important step in the process of working with Cuomo and the Senate on a 2011-12 budget, according to Assembly Speaker Sheldon Silver, D-Manhattan, and Assembly Ways and Means Committee Chairman Herman D. Farrell Jr., D-Manhattan.

The reports say employment recovery in the state has been slow. As of January, just 11.6 percent of the jobs lost in the state had been regained. The reports also note that there are uncertainties surrounding New York’s financial industries following the state’s economic crisis, and what affect the industries will have on the economy.

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