Public Finance Proposal New York State Financial

Public Finance Proposal

New York State Financial Budget

2010/2011 budget New York

While preparing the 2010/2011 New York budget, efficiency and transparency is to be put into consideration. The budget is prepared with recommendations from the executive board, the Director General, who decided on the priorities of the budget, while other field offices, BB and sector bureau also gave their contributions and estimates. Drafting of the budget and presenting it to the 181st session of the board undergoes revision, later presented to 182nd session, which the general conference approves during the 35th session.

The enactment of the budget was in regards of section 401 and 423, and according to Military Construction and Veterans Affairs and Related Agencies Appropriations Act of 2010; sec 9001 appropriated funds for the department of defense. Sec 9003 executed and supported operations in overseas as long as there was supervision. Education sector had an accountability system that provided by the Education Act thus ensuring proper use of funds. State education agency and sec 1003 and 1502 considered to ensure appropriation of funds, by cutting off money set for education purposes by 5% and increased taxes and fees to $1 billion, with also reduced spending in higher education with approximately $142. 7 million cut from colleges and universities in the New York state (Paterson. 2010).

Estimated cut in health services summed up to be approximately about $131.9 million from health care systems, hospitals and nursing homes, although $455.3 million was the actual proposal. With all Medicaid expenses shifted from all the counties to the state administration, it was to ensure efficiency and eligibility in the provision of health services. Insurers of health set to seek insurance department before any action of increasing its health rates is to be taken. Unions that provided home-based care to children were approximately allocated for $4.98 million increase for their funds to support children, with the executive proposal of acceptance. Proposed increase on the development of residents and initiatives by approximately $101.9 million.

There was significant alteration of tax to balance the state budget and economic growth purposes. Business, individual, and sales persons were the categories of this taxation. High income earners were to be taxed highly than the previous financial year of the state, with the imposition of tax to non-residents access to business or receive any services within the New York state. New businesses were to perform its activities under a specified respective industry with taxation of 2%. Filming production and post production in New York State was to be taxed, while post production was also to be taxed under a specified industry.

Cut In house projects was $6.6 million, with restoration of approximately $3 million to NNP and RRP housing programs. NYCHA Tenant Pilot Program received approximately $300,000 for the general support of this program. Approximately $30 million was allocatedto transport sector, mainly for education purposes and effectiveness of school programs (Silver, S., pg1-30).

Long-term financial alternatives in New York

Planning is a blueprint to be followed in the success of a financial operation. Effective planning ensures proper management of finance in the present and future. New York State has introduced long time financial alternatives that will cater for New Yorkers present and future well being.

Transport has been a crucial problem to the people of New York. Annual funding set apart by the New York government to finance the improvement of transportation systems in the State, used to construct bridges and highways which aid in improvement of the transport network, with approximately $920.7 million set for the road improvement projects. Alternative sources of fuel projects focusing on the increment of natural gas supply, which will serve as an alternative fuel for both light and heavy duty engines vehicles. Introduction of Metropolitan Transportation Authority (MTA) aimed to improve bus programs in the state, which will boost the bus market as an alternative source of transport. Also, the use of hydrogen in New York is also a step for a long time improvement of transport in the state (Cannon, J.S., 2012).

Home-based care is also a long-term financial project that the New York state put into consideration that ensures better and comfortable life while aging, and majorly focuses on their health. It also caters for the insurance of assets for various people not insured under private sectors (Cu, M.A., 2011). Various agencies and plans introduced would help with the health financial planning. Professionals' financial planners, counselors and care managers employed aid in the long-term planning of financial plans by advising New Yorkers on efficient ways of planning on their care rightfully and also reduce the insurance cost. In the long run, this project helps in reducing the cost of health and any Medicare expense on New Yorkers (Mumpower, J. And Ilchman, W.F., pg480).