{"id":8158,"date":"2025-11-11T22:01:10","date_gmt":"2025-11-12T03:01:10","guid":{"rendered":"https:\/\/communicator.pef.org\/?p=8158"},"modified":"2025-12-11T13:40:49","modified_gmt":"2025-12-11T18:40:49","slug":"analyzing-the-states-fiscal-outlook-and-sharing-useful-resources-for-elder-services","status":"publish","type":"post","link":"https:\/\/communicator.pef.org\/issue\/volume-43-no-11\/analyzing-the-states-fiscal-outlook-and-sharing-useful-resources-for-elder-services\/","title":{"rendered":"Analyzing the state\u2019s fiscal outlook and sharing useful resources for elder services"},"content":{"rendered":"

\"PEFDecember 15, 2025 —<\/em> I want to wish all my union siblings and fellow retirees a wonderful holiday season! This is a special time to enjoy all the blessings in our lives \u2013 blessings of family and friendship and being part of a union that works hard for its members. This is a time to look forward to 2026 with an open mind and hope for a better year for all of us, full of good health and prosperity.<\/p>\n

I have included information in this issue from a recent Monday Alert from our friends at the Alliance for Retired Americans and I hope it helps you understand what lies ahead. I have also included information from the Office for the Aging, a wonderful resource for seniors.<\/p>\n

Fiscal Policy Institute NYS Mid-Year Budget Analysis<\/strong><\/p>\n

From the Alliance for Retired Americans<\/em><\/p>\n

New York State\u2019s Division of the Budget (DOB) recently published its mid-year budget update, which forecasts considerable budget gaps in the years ahead: an apparently staggering $26.8 billion gap over the next four years before<\/em> even accounting for the impending losses of federal funding under the so-called \u201cOne Big Beautiful Bill Act\u201d (OBBBA).<\/p>\n

At first glance, this seems like an insurmountable challenge. If the state is facing dramatic deficits before<\/em> it loses federal funding, then a statewide fiscal crisis must be around the corner. As our report shows, however, the DOB\u2019s forecasted budget gaps are products of excessively conservative revenue forecasting, rather than an underlying imbalance between revenue and spending. In fact, barring a recession, the state\u2019s budget \u2013 before accounting for the OBBBA impacts \u2013 is likely to generate surpluses over the next four years.<\/p>\n

The DOB forecasts overestimate the risk of revenue shortfalls but also underestimate<\/em> the OBBBA impacts, thereby minimizing their impact on the state budget. The Fiscal Policy Institute estimates that cumulative funding cuts under the OBBBA will be $5.6 billion in the next fiscal year, FY 2027, and $14.3 billion by 2030. These cuts broadly reflect the decision of the current Congress and President to eliminate health care coverage for many low-and middle-income families in order to fund tax cuts for the well off. The bill is especially generous to those earning more than $1 million each year. In New York, these taxpayers stand to save a collective $12 billion annually on their federal taxes.<\/p>\n

Our report explains why the state\u2019s fiscal position is considerably stronger than the DOB forecasts indicate and, at the same time, why the OBBBA\u2019s impacts are more severe than the state is accounting for. It also demonstrates the continuing strength of the state\u2019s tax base and fiscal reserves, and that the fiscal challenges ahead can be managed through raising new revenue to the extent necessary.<\/p>\n

NY Connects offers variety of support<\/strong><\/p>\n

From the NYS Office for the Aging<\/em><\/p>\n

NY Connects is a trusted place to go for free, objective information and assistance on long-term services and supports (LTSS) in New York state for individuals of all ages and abilities, regardless of income or payer source.<\/p>\n

The program is established by the state Office for the Aging in partnership with the state Department of Health and is administered by the local Office for the Aging centers and Independent Living Centers (ILCs), in partnership with county Department of Social Services offices.<\/p>\n

Core functions include:<\/p>\n