Here’s what CUs need to know about 2021 state budget

GAC 2017 Capitol

New York State’s $177 billion budget, signed by the Governor on April 3, includes a range of items that may impact credit unions, including funding for the state Community Development Financial Institution Fund; changes to paid leave; new standards for recounts in elections; and additional funding for the 2020 census.

CDFI. The budget includes $25 million in new funding over five years to support the state’s CDFI Fund in an effort to expand access to safe and affordable banking services, credit and financial education, according to a statement on the governor’s website. The budget also creates a statewide Office of Financial Inclusion and Empowerment within the Department of Financial Services, with the goal of meeting the financial services needs of low- and middle-income New Yorkers.

Paid sick leave. The budget includes provisions for businesses with five to 99 employees, requiring them to provide employees at least five days of job-protected paid sick leave per year, according to the statement. Businesses with 100 employees or more must provide at least seven days of paid sick leave per year, while smaller businesses with four or fewer employees must provide five days of job-protected unpaid sick leave to employees every year.

Elections. The budget includes legislation establishing standards in the event automatic ballot recounts are triggered and establishes a process for how recounts will be handled. According to the governor’s statement, the legislation requires automatic, manual recounts in statewide elections in which the margin of victory for a candidate or ballot proposition is 0.2 percent of all votes cast in the contest. It also requires an automatic manual recount in all other elections in which the margin of victory for a candidate or ballot proposition is 0.5 percent of all votes cast, according to the statement.

2020 census. The budget also provides additional funding to ensure a “fair and complete count of every New Yorker” in the 2020 census, in an effort to build on the statewide campaign “to inform the public about the Census, encourage residents to complete the questionnaire and reach hard-to-count communities.”

Association leaders are currently reviewing details of budget and will identify specific areas that may impact credit unions, which will be reported in future editions of The New York Minute.

More information about the state budget is available on the governor’s website.

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