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CUOMO SIGNS BUDGET-REDUCTION BILLS

Gov. Cuomo has signed a bill implementing a new, and leaner, bailout plan for hospitals and a bill that cuts state aid to schools by about $191 million.

Both bills were part of the package approved by the State Legislature a week ago to help close a projected $1 billion state budget deficit. The school aid plan caps any district's loss at 1.5 percent of its total budget.

A new formula that reimburses hospitals for treating Medicaid patients will take effect, but hospitals and nursing homes that will benefit from the higher reimbursement rates must pay the state a portion of all their revenue. The tax will cover the state and local share of higher Medicaid costs.

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