Updated budget forecast for NYS shows $ 63 billion hole created by coronavirus pandemic


New York state budget officials say the coronavirus pandemic will have a major impact on finances in the future.

Robert Mujica, the state budget manager, released an updated report indicating that COVID is costing New York City more than $ 63 billion.

Among the main notes of the update is the loss or decrease of more than $ 15 billion from the general state fund.

Tax revenues are down more than 15% at this point.

Counties are also feeling the burn of a tough budget season. However, most of the locals managed to hold the line for the next fiscal year.

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