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bySenatorRanzenhofer
August 2015
As I outlined in my column
last month, the extension of the
property taxcapwasnotonlyone
ofmy legislativepriorities, itwas
one of the major achievements
of this year’s session. However,
more progress has beenmade on
efforts to control spending, cut
taxes and create jobs.
The 2015-16 State Budget is
balanced, on-time and it avoids
new taxes and fees. Additional-
ly, expenditures are being held
below two percent. Taxpayers
havesaved$23billion,or$3,919
per taxpayer, since my Senate
colleagues and I pushed for a
self-imposed cap on spending.
Local governments are saving
money, too. Ongoing mandate
and pension reforms are now
creating savings to the tune of
$5.2 billion. Record funding for
municipalities to invest in our
local infrastructure and repair
roadsandbridgeshelps todefray
the costs for local taxpayers.
Additional savings for local
governments means more relief
for taxpayers.
For the past five years, 61
different tax cuts have saved
taxpayers nearly$7billion.New
property tax rebates, approved in
June,will provide$1.3billion in
real relief to homeowners next
year and a total of $3.1 billion
over the next four years. New
York’smiddle-class tax rate is at
its lowest rate in 62 years. The
tax rate for manufacturers is at
its lowest rate since 1917.
All of these efforts, to control
spending and cut taxes, arehelp-
ing to strengthen our economy.
Thestatewideunemployment rate
is at a sevenyear lowof 5.5%. In
the last five years, 673,500 jobs
have been created. In the past 13
months, 139,300 jobs have been
created. In Western New York,
304economicdevelopmentproj-
ects are investing$272.5million
in our region.
While tremendousprogresshas
been made, particularly in the
last five years, the challenge is
to build upon thismomentum in
next year’s session and beyond.
There is stillmuchmorework to
bedoneonmanyof these issues.
MoreProgress
ComingOut of 2015
LegislativeSession
