2019 Financial Condition Report

For Fiscal Year Ended March 31, 2019

2019 Financial Condition Report

For Fiscal Year Ended March 31, 2019

Message from the Comptroller

I am pleased to present the State of New York’s Financial Condition Report for the fiscal year ended March 31, 2019. New York continues to benefit from a national economic expansion that has lasted for more than a decade, however, economic risks are growing. This report can help New Yorkers better understand the State’s financial and economic condition.

Under generally accepted accounting principles (GAAP), the State reported a General Fund operating deficit of $1.3 billion as of March 31, 2019 (compared to a $2.4 billion operating surplus last year), decreasing the GAAP fund balance to $3.4 billion. This operating deficit is one indicator of the State’s structural budget imbalance.

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About this Report

This report provides citizens with an overview of the financial condition of New York State. It presents selected financial, economic, and demographic information in an easy-to-understand format.

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