Cuomo says New York could have $2 billion surplus in 2017

February 5, 2014 Associated Press
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ALBANY— Even as Gov. Andrew Cuomo talks about tax cuts and surpluses, potential state budget challenges loom on the horizon.

Cuomo’s budget plan claims the state can rack up a $2 billion surplus by 2017 as long as the governor and state lawmakers agree to keep spending growth under 2 percent over that time.

There are several big-ticket financial challenges in the years ahead as the governor and the Legislature make those future budgets.

Statewide universal prekindergarten could eventually cost roughly $1.6 billion a year.

Cuomo also proposed a broad range of tax cuts, freezes and repeals. The costs for the coming fiscal year would be $657 million, but they would more than triple the next year to $2.1 billion.