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  "documentTitle": "NY COVID-19 Preliminary Economic Impact Assessment",
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  "authorName": "BCG",
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  "notes": "Part 3 of 3 executive summary slides.",
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      "text": "NY's revenues are projected to decline by $13.3 billion from the Division of the Budget's February forecast.",
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      "kind": "disclaimer",
      "text": "These analyses represent only potential scenarios based on discrete data from one point in time. They are not intended as a prediction or forecast, and the situation is changing daily",
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      "text": "To date New York has not received any funding to offset the revenue shortfall. In the absence of additional revenue, significant reductions in spending will be needed (e.g., 84% of All Funds taxes - excludes Miscellaneous Receipts, Gaming, and Federal Funds - is from sales and personal income taxes, which face steep declines)\nNY will need financial support from the Federal government above and beyond the funding allocated to date. Funding made available so far helps mitigate certain impacts, but leaves significant gaps\nWhere possible, analysis already accounts for the positive economic effects of some Federal funding (unemployment insurance, economic impact payments)\nMost funding is aimed at avoiding damage vs. recovering from damage to date\nIn some cases, Federal funding being allocated is based on existing formulas and not distributed based on COVID-19 impact / economic need",
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      "text": "Revenue decline: $13.3bn",
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      "text": "NY's revenues are projected to decline by $13.3 billion from the Division of the Budget's February forecast. Year-over-year All Funds tax receipts declined by 8.9% or $7.4 billion",
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      "text": "Executive summary (III/III)",
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