Says Action Necessary to Reduce Spending as Economy Deteriorates
and New York Enters a Recession
Governor Will Work with Legislature to Produce $1.2 Billion in Savings
Saying that New York has now officially entered a recession, Governor David A. Paterson today took significant action to reduce spending both this year and next year to address plummeting revenues related to a deteriorating economy.
Today, he ordered executive state agencies to reduce spending by $630 million in the current fiscal year, a roughly seven percent reduction in state agency spending on top of the 3.35 percent reduction already included in the 2008-09 Enacted Budget; implemented a hard hiring freeze; and called the Legislature back to Albany for a special session to work with him to reduce spending by an additional $600 million in the current year. Combined, these actions will produce savings of $1.2 billion, eliminate the potential current year shortfall and begin the process of closing future budget gaps….
Click here to read more --> http://www.ny.gov/governor/press/press_0730081.html
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