New York's state budget is doing a lot better than expected in mid-year update

Here's what that means for the state's financial troubles.

Good afternoon — It’s Friday and Halloween.

In today’s CapCon:

• New York has pulled in a lot more revenue than expected in the first six months of the fiscal year.

• That’s according to the newly dropped mid-year review from the state Division of Budget, which is now projecting lower budget gaps.

• The state Assembly is holding one hearing in Albany next week.

• A new bill creates a new, more serious criminal charge for landlords who harass their tenants to get them to move out.

Names in today’s CapCon: State Division of Budget, Kathy Hochul, Angelo Santabarbara, Brian Kavanagh, Joe Griffo, Phil Steck, Rachel May, Michaelle Solages, Jamaal Bailey, Pat Fahy

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The state Assembly chamber (Jim Franco/Times Union)

💵 New York is now expecting billions more in tax revenue than expected

It’s been doom and gloom for New York’s budget for several months now, with state officials and lawmakers warning that tough decisions are ahead.

That’s still likely the case but those decisions may be a bit less tough than expected, according to the state Division of Budget’s mid-year review, published last night.

The state has brought in a lot more than what the agency and the state Legislature expected when they approved the state’s spending plan back in May.

And it’s enough to reduce next year’s projected budget gap by billions of dollars.

(Michael M. Santiago/Getty Images))

⬆️ Revenue