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NY Approves $950M for Next Round of Regional Awards; SD, WY Approve TBED Spending

April 07, 2016

Many states across the country already have, or will soon have, signed budgets ready for the 2017 fiscal year.  Over the past few months, SSTI has examined gubernatorial addresses and proposed budgets for a preview of technology-based economic development spending in the coming year. This week, we take a look at what initiatives and spending levels survived spending negotiations in New York, South Dakota, Wyoming.

New York
Gov. Andrew Cuomo and New York legislators reached an agreement on fiscal year 2017 spending late last week. The resulting budget includes a new $15 minimum wage, paid family leave, a $4.2 billion middle class tax cut and $55 billion in transportation infrastructure spending.

The approved legislation provides $20.1 million in general funds for operations at the Department of Economic Development, with another $54.5 million in aid to localities.  Of this aid, $43.3 million will support the High Technology Program, which funds a number of centers of excellence around the state.  The Industrial Technology Extension Service is allocated $921,000 in general funds, while the Training and Business Assistance Program will receive $9.4 million. The Research Development Program will receive $343,000 in aid to localities funding.

The state’s Regional Economic Development Program is allocated $10 million for aid to localities, with another $89.8 million in capital funds.  The High Technology and Development Program is slated to receive $249 million in capital funds, and the Strategic Investment Program is allocated $216.7 million. NYSERDA would receive $13.5 million in capital funds.

The FY17 budget funds a sixth round of the Regional Economic Development Council Awards and supports Upstate Revitalization Initiative awards for the runners-up. About $750 million will be split competitively amongst the state’s 10 regions, and $200 million will go to unfunded URI entrants from last year.

South Dakota
Gov. Dennis Daugaard approved South Dakota’s fiscal year 2017 budget in March. The budget provides $2.6 million in state funds for the Governor’s Office of Economic Development. The state’s Science and Technology Authority would receive no general funds, but $2.5 million in other funds. Similarly, the Economic Development Partnership would receive $1.5 million in other funds.  A total of $208 million is provided for the state’s Board of Regents.

Wyoming
Gov. Matt Mead signed off on Wyoming’s fiscal years 2016-17 budget in early March. The budget provides $18.9 million for the Wyoming Business Council, and $441.3 million for the University of Wyoming. University funding includes $21.9 million for the School of Energy Research and $8.3 million for the Tier 1 Engineering program. Another $2 million is provided for the university’s NCAR Supercomputing Center.

New York, South Dakota, Wyomingstate budget