Senator Valesky Unveils Reforms to Fix NY’s Budget Process

SYRACUSE, N.Y.--Senator David J. Valesky (D-Oneida) announced comprehensive budget reforms that will end Albany’s pattern of quick fixes and ensure New Yorkers receive a fiscally responsible budget.  

The legislative package provides for long-term financial planning, the enactment of stricter accounting principles, and mandates stringent standards of accountably for State-financed programs and services.  

“The financial crisis has taught us one very important thing—New York State must change the way it approaches the state budget process,” Senator Valesky said. “This budget reform package puts into place a responsible and comprehensive system that is based on definitive data and requires accountability and responsibility. ”

Senator Valesky is the co-sponsor of the following legislation:

·         Establish a two-year budget and require the Executive to submit two-year financial plans in order to ensure proper long-term fiscal planning (S7160).

·         Remove fiscal manipulations by requiring both the Executive Budget proposal and Enacted Budget to be balanced according to Generally Accepted Accounting Principles, which will “fundamentally realign recurring spending with recurring revenue to restore the State's fiscal health” as recommended in a recent report by the state Comptroller  (S7284).

·         Task a 15-member Empire State Performance Commission with designing a performance based management and budgeting blueprint to streamline government and end waste and fraud within programs and services (S7259).

·         Create a non-partisan Legislative Budget Office modeled after the U.S. Congressional Budget Office, which will remove the politics from revenue forecasting while simultaneously ensuring funds are not being used to create hidden slush funds by being stuffed away in “off-budget” public authorities. (S4526).

·         End New York’s status as the only state with a budget date prior to the federal tax collection date, and shift the start of the fiscal year to June 1 to allow for proper fiscal planning (S5221C).

A video of Senator Valesky’s comments at the press conference held today on budget reform is available at http://www.youtube.com/watch?v=a3TX6ZWSHzw.

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