(WKBW) — What would happen if New York State saved one penny from every dollar spent? In other words, cutting the state budget by 1%. That's what Assembylman Doug Smith (R-Holbrook) from Long Island proposed with legislation currently in the State Assembly (A.8913).
"When you're facing tough financial times you start by cutting the small things," Smith said. "So what this plan would do is it would direct the State Comptroller to find a savings of 1% each year over the course of eight years."
The State Comptroller's Office said it does not have any comment on the legislation at this time.
Smith said the plan would save the state $13.6 billion over the course of the eight years. He recommended the state look at cutting Medicaid costs first.
State Senator George Borrello (R- Sunset Bay) did a similar "Bushel Full of Pennies" plan in his 2018 budget as Chautauqua County Executive. The county was facing an approximately $4 million budget deficit.
"The idea, can we have each department check each line item in the budget, scrub the budget and deliver those small increments to ultimately create a larger savings," Borrello said.
The county closed the budget gap.
New York State's budget was $175.5 billion in 2020, a 1% reduction would mean the budget would have been $1.75 billion less.
There is no scheduled floor vote as of now for Smith's legislation. Governor Cuomo will be deliver his State of the State address Wednesday January, 8th.
On a smaller scale, experts say saving a little of your paycheck can go a long way, particularly when it's invested in mutual funds.