New York has developed its first-ever, 10-year statewide capital plan. The state contends it’s designed to “break down the old ‘silo-based’ approach to capital investment, better leverage existing investment dollars, and grow the state’s economy.”
Gov. Andrew Cuomo’s NY Works task force today released the plan, according to the governor’s office.
The task force includes representatives from the finance, labor, planning and transportation sectors.
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The plan coordinates $174 billion in existing capital-investment dollars across 47 state agencies and authorities.
Cuomo assembled the group to change the way state agencies and authorities invest taxpayer dollars. The task force developed the capital plan following a year-long study of capital investments.
In the past, individual agencies and authorities have requested capital funding for projects without coordinating with each other, according to the governor’s office.
The plan breaks down investments across eight sectors, including transportation, environment, education, social services and public health, energy, development projects, public safety, and general government.
It also breaks the investments down across New York’s 10 regional economic-development council regions, the governor’s office said.
The capital plan found that infrastructure investments are “among the smartest investments the state can make,” the governor’s office said.
The NY Works task force will work with the regional economic- development councils to invest in projects that “maximize” regional assets and long-term economic growth, according to the plan.
Contact Reinhardt at ereinhardt@cnybj.com
