Reports

In governmental budgeting, there can sometimes be a tendency to focus on the short term. At any level of government, taxpayers and those who depend on public services can suffer if officials don’t ensure a strong financial foundation for the long term as well.

Brooklyn is the most populous of the five boroughs that make up New York City. It has a large foreign-born population, which has contributed to its success, and is one of the most diverse counties in the nation.

New York State has over 5,000 functioning dams, 861 of which are owned or co-owned by local governments. Local officials need to manage this infrastructure effectively, not only to preserve important capital assets, but also because it is a necessary investment in public safety. This report focuses on those dams that would pose the greatest risks in case of failure and therefore warrant the most careful monitoring and management. The report also discusses steps local officials and residents can take to manage those risks.

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In 2016, the State’s 109 active Industrial Development Agencies reported projects valued at $95.6 billion, with nearly $715 million in net annual tax exemptions and $10.0 billion in total debt outstanding, including conduit and other debt. They supported 4,451 projects that had created 208,707 jobs from their inception through 2016.

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On April 26, 2018, the City of New York released a modification to its financial plan for FY 2018 and a new four-year financial plan (“the April Plan”) covering fiscal years 2019 through 2022. The April Plan projects a surplus of nearly $3.7 billion for FY 2018 and a balanced budget for FY 2019.

Of the total contracts, 2,210 contracts (54 percent) were processed late, after their start or renewal dates. This is a modest reduction from 2016, when 59 percent were reported late, and continues a decline in the percentage of late contracts from the five-year high of 87 percent reported late in 2013.

The New York State Minority- and Women-Owned Business Enterprise (MWBE) Asset Management and Financial Institution Strategy (Chapter 171, Laws of 2010) was enacted to codify and replicate best practices for providing MWBEs that are asset managers, investment banks and financial and professional service providers with the opportunity to offer services to fiduciary-controlled entities established by New York State law.

This report identifies the number of late payments, the number of days to process late payments, the amount of interest paid and the reasons for the delays.

Credit cards are the most commonly used vehicle for consumer borrowing, and thus play an important role in both the overall economy and individual households’ finances.

Queens is the largest in size of the five boroughs that make up New York City and the second most populous. Since the end of the recession in 2009, it has added 110,500 private sector jobs, 10 times more than were lost during the recession and more than twice as many as the second-largest expansion in the 1990s.

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The New York State Common Retirement Fund holds and invests the assets of the New York State and Local Retirement System on behalf of more than one million State and local government employees and retirees and their beneficiaries.

The New York State Health Insurance Program (NYSHIP), administered by the State Department of Civil Service (Civil Service), is one of the nation’s largest public sector health insurance programs. NYSHIP covers over 1.2 million active and retired State, local government and school district employees, and their dependents.

Most large urban areas in New York State are served by municipal sewer systems, many of which commingle stormwater with the wastewater from homes and businesses in combined sewer systems. The flows from combined sewers can overwhelm treatment systems and have a harmful impact on the environment. This report, as part of the Office of the State Comptroller’s infrastructure series, describes the current scale of the problem in the State and some of the steps being taken to remediate it. 

The State Budget determines how much can be spent in various program areas and how the necessary revenue will be raised. In recent years, annual budgets have increasingly become broader policy-making documents.

Each year, thousands of New Yorkers take the opportunity, while paying their State taxes, to support a variety of charitable purposes through the State’s personal income tax check-off programs.

The Office of the State Comptroller received 20,867 contract transactions, including both new contracts and contract amendments, valued at $88.37 billion in the 2017 calendar year. The average time from submission to final sign-off was 7.5 days.

Securities industry profits rose dramatically in 2017 for the second consecutive year and the average bonus paid to industry employees in New York City jumped 17 percent to reach $184,220.

The Rockaways is located in the southernmost section of Queens on the Rockaway Peninsula. Superstorm Sandy, which struck New York City on October 29, 2012, damaged thousands of area homes and businesses, and displaced thousands of families.

In 2017, the Long Island Rail Road (LIRR) had its worst on-time performance in 18 years. An estimated 9.2 million riders were inconvenienced by trains that were late, canceled at the terminal before departing, or terminated en route before reaching their destinations.

New York City’s economy is strong and continues to post solid job gains. It added 715,000 jobs between 2009 and 2017, making this the largest and longest job expansion in the post–World War II period. After adding 81,000 jobs in 2017, employment reached 4.4 million, 615,000 more than the prerecession peak. More jobs were added in the boroughs outside of Manhattan than in any other expansion.