The state Division of Budget released its mid-year budget report, exlcuding the impact of Hurricane Sandy on the state’s coffers.

The Budget Division, an arm of the Cuomo administration, did so because the cost from lost tax receipts, business activity and other storm-related expenses can’t be assessed at this point.

The full impact of the storm will likely be available come January, when Gov. Andrew Cuomo deliver his budget presentation to lawmakers and the state has a better idea of what sort of federal aid it is due to receive.

Cuomo has request $41.9 billion in federal aid and has ruled out a tax increase to pay for some of the damage.

From the report:

The Storm’s impact on the State’s economy and finances remains highly uncertain and subject to a number of factors, including the scope and timing of federal aid, which are not possible to predict reliably at this time. Accordingly, this Mid-Year Update to the Financial Plan does not reflect an assessment of the Storm’s impact on the State’s multi-year financial projections. DOB expects to update the State’s multi-year financial projections in January 2013 with the Executive Budget Financial Plan for FY 2014, at which time it will provide a comprehensive assessment of the Storm.

The report works under the assumption that President Obama and lawmakers in Washington will iron out an agreement to avoid the fiscal cliff, a timed set of spending cuts and tax increases.

The update takes into consideration the Standard Chartered settlement with the Department of Financial Services, a deal that netted the state $340 million. Sandy’s impact notwithstanding, the budget deficit for the 2013-14 fiscal year is expected to be $982 million.

FY2013Mid-YearReport

Share|