COVID-19 Economic Impact Analysis
Governor Cuomo announced today that he expects New York State revenues in the current fiscal year to be $13.3 billion below the initial Executive Budget forecast. Over the financial plan period of FY 2021 to FY 2024, the projected deficit is $61 billion. The Governor stated that these shortfalls completely are due to the COVID-19 pandemic and the resulting economic downturn.
Facilitating Absentee Voting
The Governor will be issuing a new Executive Order guaranteeing that every New Yorker automatically receives a postage-paid application to receive an absentee ballot. This new Order will compliment Executive Order 202.15, issued earlier this month, which allows New Yorkers to vote by absentee ballot for the June 23rd primaries.
Future of “New York State on PAUSE” Restrictions
The “New York State on PAUSE” business restrictions and social protocols, and the closure of schools statewide, are in effect through May 15. The Governor anticipates a decision “in about one week” on whether to extend these directives.
Response to Bankruptcy Suggestion
The Governor again criticized U.S. Senate Majority Leader Mitch McConnell for suggesting that states should declare bankruptcy rather than expecting federal assistance to address their budget gaps. Arguing that states cannot legally declare bankruptcy and noting that state bankruptcies would devastate the national and global economies, the Governor “dared” the Senate to pass federal legislation allowing for bankruptcy.
New York City
Today, Mayor de Blasio called on the state to help tenants who cannot pay their rent come May 1st by letting people pay rent with security deposits, defer paying rent, come up with a plan to pay back rent over a 12 month period, and extend the eviction moratorium for 60 days beyond the crisis. He also announced an Equity Action Plan to educate New Yorkers how to flatten the curve, specifically in the hardest hit areas of the City. This will involve community testing sites, TV/Radio ads and direct mail.
The NYC Council held a hearing on legislation that would require the DOT to close up to 75 miles of streets to cars to encourage more social distancing.
Possible Legislative Return
The Majorities in the Legislature conferenced remotely this week to discuss how to proceed with the remaining 2020 Session calendar. We anticipate both houses will need to reconvene at some point to address COVID related issues, potential mid-year budget adjustments as well as unfinished legislative business cut short due to the pandemic. However, there are no definitive plans to return to Session anytime in the near future. We will continue to monitor public statements made by the legislative leaders in advance of a scheduled return.
The following statement is from Senate Majority Leader Andrea Stewart-Cousins regarding Senator James Skoufis (D-Newburgh) announcement that he has contracted COVID-19:
“I have been informed by Senator James Skoufis that today he tested positive for COVID-19. Senator Skoufis always brings great energy to our conference, and we are all praying for him and his wife Hillary, while he uses that energy to recover.”
COVID-19 Numbers
We continue to appear to be on the far side of the COVID-19 plateau. That said, the number of deaths in the State has increased by 422 since yesterday to 16,162 total.
