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deficit

Gov. Andrew Cuomo's office

New York has a problem. And it’s a big problem — a $30 billion problem.

That’s how much money the state Division of Budget says will be lost in tax revenue over the next two years because of the coronavirus.

You’ve probably already heard about the state’s budget deficit. For months, it’s been a frequent topic of discussion between Gov. Andrew Cuomo, his top aides, and the press. Weeks have rarely gone by without a mention of the shortfall.

Monroe County faces staggering budget shortfall

Apr 30, 2020
Screenshot from Monroe County news briefing

The coronavirus pandemic has blown a hole in Monroe County’s budget ranging from $68 million to $122 million, County Executive Adam Bello warned on Thursday.

At its worst, the deficit would account for roughly 10 percent of the county’s $1.2 billion spending plan for the fiscal year ending Dec. 31.

The county has spent roughly $10 million responding to the pandemic, but expenditures like that are not to blame for the shortfall, Bello said. Much, if not all, of those expenses, can be covered by the $129 million in federal aid that the county received through the CARES Act.

CITY Newspaper file photo

Despite cost-saving measures already taken by the Rochester City School District to close its budget gap, including the layoffs of scores of teachers, the state Comptroller’s Office warned Thursday that the district is on track to finish the academic year with a $40.5 million deficit.

State auditors, who have been digging into the district’s books, found there are no available reserve funds to apply toward the looming deficit.