Reports

State Fiscal Year (SFY) 2012-13 brought serious budgetary challenges, including the second most expensive storm to hit the United States and a still-slow recovery from the worst economic downturn since the Great Depression.

This is the second annual report by the Office of the State Comptroller on overtime use by New York State agencies. This statistical overview covers the past six years and expands the types of information presented in our first report.

New York State's Enacted Budget for the 2013-14 State Fiscal Year (SFY) reflects a continuing effort by the Executive and the Legislature to restrain spending, while holding projected gaps for the next three years to more manageable levels than has been the case over most of the past decade.

Growth in the number, cost and influence of public authorities has necessitated increased disclosure and oversight of their activities, which historically have been less transparent than those of State agencies.

On January 29, 2013, Mayor Bloomberg released his executive budget for FY 2014 and the associated four-year financial plan (“the January Plan”). The January Plan reflects the City’s failure to reach agreement with the United Federation of Teachers on a new teacher evaluation system, which may result in the loss of $250 million in State education aid and cuts in educational services. The January Plan also reflects the estimated cost of Superstorm Sandy.

The Executive Budget for State Fiscal Year (SFY) 2013-14 was released by the Executive on January 22, 2013. On February 21, the Executive submitted final amendments to the proposed budget, to supplement the 21-day amendments previously released.

Public authorities make up an increasingly large and influential sphere of government in New York State.

The Metropolitan Transportation Authority (MTA) is constructing one of the largest and most complex public works projects in the country, East Side Access (ESA).

The City of Rochester projects large and growing budget gaps in its 2013-14 through 2017-18 fiscal years. Absent significant spending cuts or increasing revenues, the gaps could cause the City to exhaust its available fund balance within the next two fiscal years.

Cash bonuses paid to New York City securities industry employees are forecast to rise by 8 percent to $20 billion during this year’s bonus season.

The City of Syracuse faces many of the same challenges as other upstate cities. However, a larger than average percentage of its property tax base is either exempt or delinquent and growing fixed costs in the budgets of the City and the dependent school district have created chronic budget gaps.

By several measures, Yonkers is better off than many other cities in the State. Despite these advantages, the City has been challenged by significant structural budget gaps and, by the end of its 2011 fiscal year, the City had essentially depleted its general fund reserves.

Sluggish growth in sales tax revenues adds additional pressure to already strained county budgets and to the budgets of other local governments that receive sales tax revenues through sharing agreements.

County-by-county data - pdf

The State Fiscal Year (SFY) 2013-14 Executive Budget continues the State’s effort to move toward long-term structural balance.

Gloversville faces significant fiscal challenges as it has nearly exhausted its constitutional taxing limit, severely limiting its flexibility to address unforeseen expenses and make ongoing infrastructure investments.

Utica has been in fiscal decline in recent years, relying on non-recurring revenues to fill budget gaps. Its new mayor has vowed to work with the City Council and OSC to ensure that the City remains in control of its own financial future.

From 2001 to 2011, total federal and state aid combined, grew at an average rate of 2.2 percent annually, slower than the rate of inflation (2.4 percent).

Longstanding concern over New York’s high debt levels, debt service costs, and imprudent use of borrowing led the Legislature to impose limits on State debt and enact related reforms in 2000.

Local governments’ infrastructure needs are substantial and growing, while their ability to maintain their investments in capital programs is increasingly constrained. State policy changes could help reverse this trend.

On November 9, 2012, Mayor Bloomberg revised New York City’s four-year financial plan (the “November Plan”) to reflect a delay in the planned sale of additional taxi medallions caused by legal challenges. Previously, the City’s financial plan had counted on the receipt of $635 million from the sale in FY 2013, and a total of $1.5 billion over three years. The City no longer anticipates the receipt of any sale proceeds in the current fiscal year, and now expects to realize $1.5 billion during fiscal years 2014 through 2016.