The Executive Budget refers to the structure and process of the constitutional system of budgeting in New York State which vests in the Governor primary authority and responsibility for budget formulation, presentation, and execution. These responsibilities are provided in Article VII of the State Constitution and Articles 3 and 4 of the State Finance Law. More specifically, these refer to the Governor's constitutionally-mandated annual submission to the Legislature containing the plan of recommended appropriations, cash disbursements, and expenditures necessary to carry out programs, along with estimates of cash receipts and revenues expected to be available to support these expenditures and disbursements for the forthcoming fiscal year.

The State Constitution also requires explicit recommendations for making changes to the current  revenue  structure and legislation to implement such recommendations. Finally, the State Constitution requires submission of the budget on or before the third Tuesday after the first Monday in January, except in years following gubernatorial elections when it must be submitted by February 1.

The financial cycle is the process through which New York State manages its financial resources while providing services to the people of the state. The cycle requires the effort and cooperation of the Legislative, Executive, and agency administrative branches of the government. It is an on-going process with each step supporting the financial condition of the state.

The financial cycle includes four major phases:

• PLANNING the spending and revenues to meet the state's service obligations;
• ESTABLISHING CONTROL to assure that spending plans are not exceeded;
• EXECUTING the plans; and
• EVALUATION of the performance against the plans on a timely basis.

Guide to Financial Operations

REV. 10/13/2023