Cuomo misses deadline for budget projection

ALBANY -- Gov. Andrew M. Cuomo is facing another missed deadline to outline the state's financial picture next week, even as his fellow Democrats released a report describing the state's fiscal condition as bad and getting worse.

"The Senate Democratic Conference . . . projects the deficit will reach $3 billion next year along with a gap of almost $250 million this year," state Senate Minority Leader John Sampson (D-Brooklyn) said in the report.

That deficit projection is 25 percent greater than Cuomo's estimate just a week earlier.

Cuomo missed an Oct. 31 deadline to give a midyear budget report and forecast. The governor will likely miss a separate deadline Nov. 15 to submit a joint revenue report with state legislative leaders. The projections from the governor's office are required as part of the state's budget-making process.

The governor and his administration have downplayed the holdup, calling it a "prudent fiscal decision" given ongoing market volatility here and in Europe. Senate Republicans haven't produced a midyear budget report, also citing market volatility.

The revenue report is part of the requirements of the "Quick Start" process put into place in 2007 to provide more government transparency and to help ensure an on-time budget.

Previous administrations have met the deadline, including that of former Gov. David A. Paterson in fall 2008 shortly after the massive stock market decline.

Cuomo has postponed the midyear report, citing market uncertainties caused by the European debt crisis and delays in collecting business taxes due to two hurricanes that hit New York in the summer. He said he wants to make sure he has the "best possible" economic projections.

Cuomo aide Josh Vlasto said Wednesday there is no timeline for producing the update.

Senate Democrats have been the only Capitol faction to release a midyear budget projection. Sampson said the declining revenue estimates bolster his call to impose a "millionaires' tax" on those who earn $1 million or more annually -- an idea Cuomo and Senate Republicans have steadfastly opposed, saying it will drive away business.

Other political blocs say they are waiting on Cuomo.

"As soon as the governor has released the administration's forecast our conference will release its numbers," Assembly Minority Leader Brian Kolb (R-Canandaigua) said in an email. Referring to the delay, he added: "Right now, I don't think this is a major issue."