Governor Kathy Hochul presented her $252 billion 2025-2026 Executive Budget on Tuesday, January 21, 2025. Highlights raised in her State of the State Address included making New York more affordable and safer for families while not raising taxes to “put money back into New Yorkers’ pockets”. The $252B budget represents a 3.6% or $8.6B billion dollar increase from last year’s budget. The final budget is due on April 1, 2025.
New York State’s financial position remains strong, with record-level reserves and a strong projected economy. Despite the current year’s $5.3B cash surplus and total reserves of $21.1B, out-year gaps totaling $27B exist over the next three years, primarily due to the rate of growth of the Medicaid program.
New York State Medicaid is the largest payer of healthcare and support services in our state. Current projections approximate there are 7 million individuals receiving Medicaid eligible services through a network of more than 80,000 healthcare providers and more than 35 fully and partially capitated managed care plans. The total Medicaid and Essential Plan spending is expected to be $123.8 billion in FY 2026, which $70.9B is Federal spending and $44.1B is State dollars. In FY 2026, the DOH State-funded portion of the Medicaid program is projected to total $35.7 billion; more than triple the FY 2011 value.
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