Reports

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Budget & Finances, Economy

August 2020 —

Nearly three-quarters of New York State small businesses received assistance in recent months through the federal government’s Paycheck Protection Program (PPP), according to Census Bureau survey data for the week ending June 27.

Budget & Finances, Economy

August 2020 —

The economic, social and budgetary fallout from the COVID-19 pandemic on New York City has been unprecedented, while the loss of life has been unimaginable. Restrictions put in place to slow the spread of the disease triggered a national recession. In New York City, job losses in March and April were the largest since the Great Depression.

Budget & Finances

July 2020 —

Sales tax revenue for local governments in the second quarter of 2020 totaled $3.3 billion, a decline of $1.2 billion compared to the same period last year. 

Monthly and Quarterly Local Sales Tax Collections by Region [.xlsx]

Budget & Finances, Economy

July 2020 —

Approved payments to New York recipients for Unemployment Insurance totaled $32.1 billion from March 1 through July 17, with steep increases in payments following the onset of the pandemic.

Environment, Pension & Retirement

July 2020 —

Guarding against the investment risks presented by climate change while preparing for the transition to a low-carbon economy is central to Comptroller DiNapoli’s work as trustee of the New York State Common Retirement Fund, one of the largest public pension funds in the country.

Budget & Finances

July 2020 —

The report summarizes most recently completed data (fiscal year ending 2018) found in these annual reports. In addition to reviewing IDA data, the Office of the State Comptroller (OSC) provides training to IDA officials on various topics, including recent legislative reforms and how to improve their compliance with reporting requirements. 

Interactive Map

Budget & Finances, Economy

July 2020 —

As was widely reported, New York’s unemployment rate has soared upward in recent months, with May's 14.5 percent nearly four times the 3.7 percent in February. But that rate is only one measure of the impact of lost jobs.

Economy

July 2020 —

Our State’s local governments are being tested on many fronts as a result of the COVID-19 Pandemic. This report will examine some of the major risks to these revenue sources, the dependence of local governments on each, and the effects of federal government actions to help keep local governments afloat thus far.

Environment, Pension & Retirement

June 2020 —

The New York State Common Retirement Fund (Fund) is one of the largest public pension funds in the nation, with assets held in trust for the benefit of the more than one million members and pensioners of the New York State and Local Retirement System (System). The System is widely regarded as one of the nation’s best-managed and best funded public pension plans.

Budget & Finances

June 2020 —

Sales tax revenue for local governments in May totaled $918 million, or $437 million less than 2019. The sharp decline in revenues was widespread around the state, ranging from a drop of 19.5 percent in Westchester County to a 41.5 percent decline in Tioga County. 

Procurement

May 2020 —

In order to ensure contractors doing business with the New York State are paid timely, Article 11-A of State Finance Law prescribes timeframes for agencies to prepare and submit vouchers to the Office of the State Comptroller (OSC) for review and approval before payment.

Budget & Finances, Economy

May 2020 —

New York City has been the epicenter of the novel coronavirus pandemic in the United States. The economic, social and budgetary impacts have been unprecedented, while the loss of life has been unimaginable.

Budget & Finances

May 2020 —

New York State has experienced difficult budgets many times over its history. Seldom if ever, however, has the State faced the level of economic and revenue challenges identified in this year’s Enacted Budget Financial Plan as a consequence of the COVID19 pandemic.

Education

May 2020 —

Special education programs fulfill a great need across New York State, providing a quality learning experience that addresses individual differences and needs to young people with disabilities.

MWBE

May 2020 —

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.

Budget & Finances

April 2020 —

New York State local sales tax collections in the first quarter (January-March) of 2020 totaled $4.4 billion. This was an increase of 4.6 percent over the same period last year, mostly reflecting sales made before the statewide implementation of business and office closures and social distancing policies in reaction to the COVID-19 pandemic.

Budget & Finances

April 2020 —

New York State is facing extraordinary challenges as a result of the coronavirus pandemic. Its punishing impacts include shutting down much of the economy, throwing millions of Americans out of work, and devastating State finances.

Budget & Finances, Health & Welfare

April 2020 —

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. The Empire Plan is the primary health benefits plan for NYSHIP, covering 1.1 million of the NYSHIP members.

Budget & Finances, Infrastructure, Transportation

March 2020 —

Inadequate capital funding and poor management practices have contributed to a marked deterioration in the mass transit system operated by the Metropolitan Transportation Authority (MTA). In addition, the MTA’s operating budget faces significant challenges.

Wall Street

March 2020 —

The average bonus paid to employees in New York City’s securities industry increased by 3 percent in 2019 to $164,100, but it is likely to fall sharply in 2020 as the coronavirus crisis strains industry profitability.