2020 Financial Condition Report

For Fiscal Year Ended March 31, 2020

2020 Financial Condition Report

For Fiscal Year Ended March 31, 2020

Message from the Comptroller

The 2019-20 fiscal year brought the convergence of two dramatically different periods to New York State. The nation’s longest recorded economic expansion continued to generate overall job growth through most of the fiscal year before finally ending in February, as the COVID-19 pandemic forced severe limits on business activity and significantly impacted the State’s economy. The transition to a new fiscal year then brought the loss of more than 1.9 million jobs in New York, with more widespread economic uncertainty than we have seen in decades.

This Financial Condition Report can help New Yorkers better understand the challenges that lie ahead as the State responds to the economic, fiscal and human impacts of the pandemic. As always, we need to think not only about the immediate challenges, daunting as they are, but the longer-term outlook as well.

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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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