New York's tax revenue is expected to have lost more than $4 billion compared to the previous fiscal year as the coronavirus pandemic continues to wreak havoc on the state's finances.
Revenue is expected to decline by 5.6%, according to a report released on Thursday by Comptroller Tom DiNapoli's office. The state is seeking billions of dollars in aid from the federal government while a stimulus measure has stalled in Congress since the spring.
Gov. Andrew Cuomo earlier in the day said he expects a Biden administration to work well with Republicans in the U.S. Senate should they retain the majority and Joe Biden win the White House.
The DiNapoli report concluded, in part, that much hinges on what the federal government ultimately does.
"While the Office of the State Comptroller considers the revenue projections in this report reasonable and appropriate based on currently available information, uncertainty regarding the national and New York State economies is such that somewhat higher or lower projections may also be considered reasonable," the report found.
"Stimulus and relief actions by the federal government have played an important role in preventing more severe economic and human impacts from the recession associated with the COVID-19 pandemic. It is currently unclear whether Washington will undertake further economic stimulus and relief actions."