November 2010 Albany Update - Weingarten, Reid & McNally


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From the 2010 New York Public Transit Industry Fall Conference & Trade Show.

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November 2010 Albany Update - Weingarten, Reid & McNally

  1. 1. NYPTA Fall Conference November 19 Albany New York
  2. 2. Weingarten, Reid & McNally, LLC The Experience to Make Your Voice Heard
  3. 3. What We do We work to achieve NYPTA’s priorities through a combination of tools including: Professional lobbying Coalition building Grassroots advocacy Media efforts Political actions
  4. 4. Democrats Sweep Statewide Andrew Cuomo wins Gubernatorial election with 62% of the vote Eric Schneiderman wins Attorney General election with 55% of the vote Tom DiNapoli wins Comptroller election with 50% of the vote “They were trying to exploit the fear. They were trying to exploit the anger. They didn’t just do it in New York, they tried all around the country. But they tried it here, too.” – Governor-elect Andrew Cuomo
  5. 5. In January, Assembly Speaker Sheldon Silver is Expected to Head a Slightly Smaller Democratic Majority in the History of the Assembly with approximately 100 Seats. The continued dominance of the Assembly Democrats leaves the Assembly Republicans with limited influence and voting power in the house. New York State Assembly
  6. 6. New York State Senate 2009-2010 32 Democrats 30 Republicans 2010-2012 30 Republicans 29 Democrats 3 Undecided Elections Craig Johnston(D) vs. Jack Martin-R (7th District) Suzie Oppenheimer(D) vs. Bob Cohen-R 37th District) Antoine Thompson(D) vs. Mark Grisanti- R 60th District
  7. 7. FY 2011-2012 Budget Process Underway State Agencies Prepare for Big Cuts as New Adminstration Grapples with Nine to Ten Billion Dollar Deficit for FYE 2012.
  8. 8. New York State Revenues Slow to Recover • The future of Wall Street profitability hangs in the balance with the implementation of the federal financial reform package. • Major Wall Street firms are still in a crucible as federal efforts to constrain executive compensation continue. • Large portion of bonus payments often paid in stock that is not immediately taxable. • State budget is likely to sustain substantial revenue losses with the expiration of the temporary 2009-2011 PIT surcharge and the return of the sales tax clothing exemption.
  9. 9. Exampletext Exampletext Exampletext Exampletext Exampletext Exampletext Exampletext Exampletext OUTYEAR FINANCIAL PLAN PROJECTIONS 2010-2014 14.5Billion Exampletext 17.2Billion Exampletext Exampletext Exampletext 9Billion 2011-12 2012-13 2013-14
  10. 10. General Fund Drivers 16.7Billion 13.2Billion 22.4Billion 24.9Billion Exampletext 7.5Billion 2010-2014 School Aid Medicaid 14.6Billion
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