This past week, Governor Cuomo officially presented his Executive Budget for the upcoming fiscal year. Over the next several weeks, the Governor will work with the Senate and the Assembly try to reach agreement on a final budget by the annual April 1 deadline. There are a number of items within the budget that are relevant to our members and while there’s a lot of work to be done before it’s finalized, we wanted to keep you updated on where things stand.
The Governor’s budget proposal includes potential developments on a prevailing wage expansion. Specifically, the Governor’s plan would combine every type of state and local subsidy – including grants, tax credits and IDA financial assistance – and if the total public funds amount to 30 percent of a project’s construction costs, the prevailing wage would be triggered.
There will be a lot of discussions and debate before any of this is finalized, but this is a promising start to the legislative year. As always, we’ll be following all of these developments very closely, and we will keep you informed as we move forward.