It's Your Money: Highlights of Governor Cuomo's $137 billion budget

Posted at: 01/22/2013 9:47 PM
Updated at: 01/22/2013 9:49 PM
By: Associated Press

Highlights of New York Gov. Andrew Cuomo's $137 billion 2013-14 budget:
-Total proposal: $136.5 billion
-Total growth: 1.9 percent over last year
-A projected deficit of $1.35 billion, which Cuomo says he will address through a variety of cost-cutting measures and some revenue measures.
-$35.9 million to implement and administer his gun control law, including registration of assault weapons, re-registering of pistol permits, new databases to keep track of guns, and defensive and safety measures at schools including their entrances.
- A 4.4 percent increase in school aid.
-Make it harder for drivers to plea bargain traffic tickets to avoid stiffer fines and higher auto insurance premiums. Cuomo says the state loses $58 million in plea bargain. He also proposes additional surcharges on speeding tickets.
-Suspend the driver's license of anyone who owes more than $10,000 in overdue taxes.
-$974 million in savings by efficiencies in government.
-"Innovation Hot Spots" in which business and higher education seek new spinoff businesses to spark job growth. The state will provide $5 million in tax breaks over five years to winning proposals.
-$55 million in competitive grants for State University of New York campuses and another $55 million for City University of New York campuses to spur local economies and job growth.
-Continue a five-year plan to increase public college tuition annually to raise $300 million a year.
-Stipends of $15,000 a year for four years for top teachers and a new competency test for teachers.
-Impose higher penalties for unstamped cigarettes and other measures to crackdown on the illegal sale of cigarettes that avoid state taxes, which are the highest in the nation.
-Close the Bayview prison in Manhattan and the Beacon prison in Dutchess County to save $18.7 million this year and $62 million next year at a time where the state has more prison beds than prisoners.
-Increase the minimum wage to $8.75 from $7.25 effective July 1. Cuomo says that would pay 705,000 New Yorkers an additional $1 billion a year.
-$1 billion over five years to fund affordable housing for lower income New Yorkers by preserving and creating 14,300 units statewide.
-$25 million for more pre-Kindergarten programs aimed at low-income districts and $20 million to pay school districts that choose to increase their school day or academic years by at least 25 percent.
-$85 million for the Thruway Authority to eliminate the need for a highly unpopular toll increase on trucks.