Lieutenant Governor Richard Ravitch has announced an assault upon the causes of New York’s budget deficit, calling for dramatic changes in the way the state plans its spending.
New York Governor David Paterson had previously announced his own austerity measures to combat the state’s burgeoning books.
Here we’ve highlighted the best of both, in what might be a preview for your state.
Lieutenant Governor Richard Ravitch is pushing for New York to adopt a five year budget strategy which would have the state in budget balance by year five.
It requires the state to stick to the plan and achieve balance in five years, maintaining it thereafter. It would make this the responsibility of the Governor's office to stick to this plan. It does not stipulate what actions would be taken if the Governor would fail to achieve these goals.
Source: Five Year Fiscal Plan
If the independent oversight board finds that the budget is not in line with the five year plan, the Governor and legislature will be given 15 days to settle the dispute.
If that fails, the Governor will be given the power to cut the budget to maintain those guidelines, independent of legislative oversight.
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