Gov. Andrew Cuomo will hold his annual State of the State address via a virtual platform beginning today.

New York Credit Union Association leaders will be monitoring the State of the State address as it provides an overview of the governor’s public policy priorities, and the potential impacts on credit unions.

It is important to note the economic conditions — in part as a result of the COVID-19 pandemic — being faced by the state of New York. The state is currently facing a projected $14.9 billion decline in the General Fund, and Cuomo and state lawmakers are hopeful that the federal government will provide new funding — including to states and local governments.

Due to the extremely limited state monetary resources, it’s been reported that many state lawmakers are pairing policy proposals with potential revenue sources, including the increased taxation of high-income individuals.

The Association will provide additional information as it becomes available throughout the legislative session, which began Jan. 6.