Virtual Briefing on New York State Budget for Fiscal Year 2027
Please join us for a virtual budget briefing with Deanne Braveman, Esq., Senior Vice President Mercury.
We will review the top highlights listed below and have time for questions.
New York State’s Final Enacted Budget for Fiscal Year 2027 totals $268.5 billion.
• 2.7% cost of living increase for human services providers.
• $4.5 billion investment in childcare and pre-kindergarten services statewide, building toward universal access for New York families.
• Approximately $39 billion in total school aid, the highest level in state history, including a guaranteed 2% Foundation Aid increase for every district.
• $1 billion energy rebate to provide relief to New Yorkers dealing with rising energy costs.
• $1.5 billion in new hospital funding ($1 billion in capital for Safety Net Hospitals and $500 million for distressed hospitals), plus restoration of the Essential Plan as a Basic Health Program preserving coverage for 1.3 million New Yorkers.
• $1 billion investment in climate priorities through the state’s Sustainable Futures Fund, with an emphasis on Environmental Justice programs.
• Creates New York State's first pied-à-terre tax on New York City luxury second homes and investor apartments valued at $5 million or more (or $1 million+ for condos), projected to generate at least $500 million annually and sunsets after five years.
• $8.6 billion in MTA operating aid, sustaining systemwide transit operations.
• Pension/Tier VI reform package ($577M) reducing employee contribution rates and lowering the teacher retirement age to 58 after 30 years of service.
Full Overview Budget Memo
Members Free
Nonmembers: $30
