After months of planning, New York's regional economic development councils have begun their work on Governor Cuomo's new idea to revive new York's economy.
Cuomo is pushing a fast-track approach that pits regions across New York against each other in a competition for state funding.
At the heart of Governor Cuomo's plan is the creation of 10 new regional economic development councils. Their task is to come up with a five-year economic plan for their region. Each council's plan will compete against other regions' for a billion-dollar pool of state funds.
Each regional council has about 30 volunteer-members, chosen by the governor's office. They include local leaders, in business, higher education, labor and elected officials. They have until November 14th to come up with their plans. Following that, a panel of economic experts will review and rank the plans, and money will be awarded to winning regions.
The Manhattan Institute's Empire Center, a fiscally conservative think tank in Albany believes the effect of councils will be marginal at best. More here.