For New York's budget, spending is up, but tax revenue is going down
New York is starting to experience a slowdown in money flowing into the state's coffers, a decline that comes just as temporary federal pandemic aid has largely dried up, and the newly approved $229 billion budget increased spending.
Fiscal watchdogs in recent days have raised concerns with a decline in the state's main driver for revenue, the personal income tax, dropping due in part to a decline in bonuses in the financial sector on Wall Street.