GOV’S SPEND PLAN ‘Casino’ budget

Gov. Hochul embraced the wages of sin in the recordbreaking, $216.3 billion budget proposal she unveiled Tuesday — including a proposal that could bring casino gambling to New York City.

Hochul’s spending plan for fiscal 2023 also anticipates more than $1.25 billion in new revenues from legal weed over the next six years.

And thanks to $12.75 billion in federal coronavirus relief funds, a booming stock market and increased tax receipts — fueled by last year’s rate hikes on the wealthy and large corporations — Hochul said her budget was balanced and those that followed would remain so through fiscal 2027.

NYC gambling plan

“This is a big change from where we were just this time last year when the Division of Budget predicted projected deficits totaling $17 billion during that same time frame,” she said during a briefing in Albany.

Hochul played the ace up her sleeve by speeding up a plan to seek applications for three new casinos that could be located in or around the Big Apple, in addition to the four already operating upstate.

Resorts World, which operates a video “racino” at Aqueduct Racetrack in Queens, called the announcement “a big step toward showcasing the state’s enormous promise” and said it would seek one of the licenses.

Assembly Racing and Wagering Committee Chairman J. Gary Pretlow (D-Mount

Vernon) also said, “I love it!”

“We can issue licenses this year and raise anywhere from $1 billion to $2 billion in revenues,” he said.

“There will be more jobs and income tax revenues. It’s a win-win-win.”

Marijuana money

The briefing book for Hochul’s budget proposal also says recreational marijuana, which was legalized as part of last year’s budget approval, will immediately generate $56 million in new revenues during fiscal 2023.

Most of the money — $40 million — will likely come from licensing fees for growers and sellers, with Budget Director Robert Mujica saying that taxable storefront sales could begin next year.

And once the business starts booming, projections show annual revenues will rapidly increase to reach $363 million in fiscal 2028.

Meanwhile, the state is so flush with cash that officials are setting aside 15% in reserve — and Hochul still has about $2 billion on hand for use during upcoming negotiations with the state Legislature, Mujica said.

Andrew Rein of the Citizens Budget Commission said that “the budget being balanced is good” but added, “We have to have an eye on New York’s competitiveness.

“We can be more competitive with lower taxes,” he said before invoking the state’s official motto.

“We used to be second [highest] in the nation, and now we are No 1. The theme of the budget negotiations should not be ‘Excelsior: Ever Upward.’ ”