Governor Hochul’s FY 2026 $252 Billion budget

The New York State budget has a 27-month cycle. Before Governor’s announcement in January, the process starts when the previous budget passed the Albany legislature supposedly by March 31. The fiscal year is April 1 until March 31. All approved appropriations must be disbursed by December 31.

Thus preparation of the FY 2024 budget started in April 2022; announced by Governor in January 2023; passed by legislature in April 2023 for the April 2023-March 2024 year; and expired by December 2024.

Governor Kathy Hochul proposed a $229 billion state budget for FY 2024.

The massive spending proposal for New York — which had an estimated population of just under 20 million last year — represents more than double the $116 billion budget of Florida, which had an estimated 22 million residents in 2024. Texas, with an estimated population of over 30 million, approved a $322 billion budget last year.