Governor Andrew M. Cuomo's NY Works Task Force today released New York State's first-ever 10-year Statewide Capital Plan, a strategic, forward-looking plan designed to break down the old "silo-based" approach to capital investment, better leverage existing investment dollars and grow the State's economy. The "State of New York Statewide Capital Plan" coordinates, for the first time ever, $174 billion in existing capital investment dollars across 47 State agencies and authorities.
"Last year, we charged the NY Works Task Force with the mission of putting together a long-term plan that will more effectively and strategically allocate our capital investment funding to grow the state's economy and create thousands of jobs," Governor Cuomo said. "Today, the Task Force has released a visionary roadmap on how we will leverage state resources to improve infrastructure in all corners of New York, save money for taxpayers, and compete in the global economy. This is a plan that will put New Yorkers to work and accelerate economic development over the next decade."
The plan is the product of a rigorous, one-year study of capital investment undertaken by the NY Works Task Force, which was created by the Governor to fundamentally change the way state agencies and authorities invest taxpayer dollars. In the past, individual agencies and authorities have requested capital funding for projects without coordinating with each other and without robust regional "boots-on-the-ground" input.
The plan released today brings regional stakeholders, agencies and authorities together to make the best and most strategic long-term investment decisions, and aligns with Governor Cuomo's signature approach to economic development: leverage regional assets, maximize existing resources and focus on long-term job growth and economic opportunities. The plan breaks down investments across eight sectors --- transportation, environment, education, social services and public health, energy, development projects, public safety and general government --- and across all 10 Regional Economic Development Council Regions.
Key findings of the plan include:
Infrastructure investments are among the smartest investments the State can make. Upgrading roads, bridges, and other basic infrastructure creates jobs now and pays dividends down the road by lowering the cost of doing business and keeping New York State competitive in a global economy. It is estimated that $1 million of public investment in infrastructure produces $1.89 million in total economic activity. And, as Superstorm Sandy, Hurricane Irene and Tropical Storm Lee have demonstrated, the need to rebuild smarter, more resilient infrastructure is more critical than ever. New York's 19.5 million residents and $1.2 trillion economy depend on a robust, resilient infrastructure -- for health, for safety, and for moving goods, people and products quickly and efficiently. Today's plan lays the groundwork for a process that will ensure that capital investment dollars post-Sandy are spent wisely and well.
Wedding the State's infrastructure investments with its economic development strategy will result in the biggest bang for the infrastructure buck and greater savings for taxpayers. The NY Works Task Force will work hand-in-hand with the Regional Economic Development Councils to invest in projects that maximize regional assets and long-term economic growth.
To compete globally, New York State must use resources more efficiently. With limited resources, a State debt cap, downward pressure on revenue across the State, and increased competition from a global economy, it is imperative that New York adapts to a dynamic world. The Task Force will continue to engage the private sector to find entrepreneurial solutions for financing and delivering the infrastructure New Yorkers need, including the creation of an infrastructure investment fund.
Felix G. Rohatyn, former Chairman of the Municipal Assistance Corporation, Co-Chair of the Governor's NY Works Task Force, and long-time advocate of investing in public infrastructure, said, "Governor Cuomo understands that the public and private sectors must work together to focus our resources on creating jobs for the long-term and rebuilding the economy to ensure a stronger and more prosperous New York."
Denis M. Hughes, Co-Chair of the Governor's NY Works Task Force said, "We need to be thinking bigger and more strategically. Good ideas that required coordination across multiple agencies or authorities never used to be acted on. This plan is the tool New York needs to put shovels in the ground, and I commend Governor Cuomo for his vision."
Margaret Tobin, Executive Director, NY Works Task Force said, "Governor Cuomo has revolutionized the infrastructure capital planning process to restore New York State's leadership in creating and completing major infrastructure projects. The NY Works Task Force has provided strategic guidance to deploying our precious public resources for maximum economic benefit, and brought private sector discipline and entrepreneurial energy to help guide the important work of our state's agencies and authorities. We thank the Task Force members for their willingness to serve and for their continuing contributions."
About the NY Works Task Force
The NY Works Task Force brings together leading finance, labor, planning and transportation professionals to coordinate a statewide infrastructure plan that will more effectively and strategically allocate New York's capital investment funding to grow the State's economy, create jobs, and ensure a safe, sound infrastructure system for the long-term. The "State of New York Statewide Capital Plan" was a major component of this effort. For more information, go to http://www.nyworkstaskforce.ny.gov.