Senator Pam Helming (R-54th District) today voted to pass legislation to permanently cap state spending and help ensure greater long-term fiscal discipline on state government, while also creating much needed relief for overburdened taxpayers.
“New York’s school districts and local governments currently operate under a tax cap and I applaud my Senate colleagues for taking action to create a state spending cap,” said Senator Helming. “A state spending cap sends a strong message that Albany is committed to living within its means and will save taxpayers billions.”
Senator Helming noted the bill continues the progress made by the Senate Republican Conference. Their self-imposed spending cap has already saved taxpayers a cumulative $31 billion since the 2010-11 budget. This savings includes the elimination of a $10 billion deficit inherited from the previous all-Democrat, all New York City-led government.
“Making New York State a more affordable place for families and businesses is my top priority,” said Senator Helming. “The best way to accomplish this is by controlling state spending and mandating a permanent state spending cap. Once the growth of spending is controlled, then lawmakers will have a greater ability to roll back the taxes and fees that have crushed our hardworking taxpayers.”
The bill (S365) would limit state spending to a three-year rolling average of inflation and help end the historic pattern of “boom and bust” cycle budgeting, and impose greater fiscal discipline, while increasing the maximum capacity of the state’s “rainy day fund”.
The legislation will now be sent to the Assembly for consideration.