The proposed Enacted Budget for State Fiscal Year 2025-26 amounts to $254 billion, marking a 5.2% increase from the previous year. This increase, highlighted by a $12.5 billion rise from $241.5 billion, is mainly attributed to significant allocations in School Aid and Medicaid. Additionally, the budget authorizes a potential $8 billion transfer from the General Fund to settle outstanding debts with the federal Unemployment Trust Fund, which could reduce federal unemployment insurance taxes for employers and offer improved benefits to workers.
The state's budget for SFY 2025-26 is set at $254 billion, reflecting a notable increase fueled predominantly by School Aid and Medicaid expenditures.
The effective federal unemployment insurance tax rate for New York employers is projected to decrease if the advance from the federal fund is fully repaid in 2025.
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