Reports

The current global financial market crisis could have serious implications for New York’s local governments if access to the credit markets remains constrained. While many long-term implications for local government finances may occur as a result of the broader deterioration in the economy, the credit situation has produced a more immediate impact on liquidity – the ability of local governments to finance their short-term capital operations and cash flow needs. Local governments who are dependent on short-term debt for these purposes could face continued risks.

The Metropolitan Transportation Authority (MTA) operates the largest and most diverse transportation system in the nation, and keeping it secure entails significant challenges.

This Report on Estimated Receipts and Disbursements for State Fiscal Year (SFY) 2008-09 through SFY 2010-11, issued pursuant to Chapter 1 of the Laws of 2007, is intended to facilitate preliminary discussion on the State’s economic condition and the upcoming budget for SFY 2009-10.

The neighborhoods of Washington Heights and Inwood comprise the upper portion of Manhattan. The local economy has expanded modestly in recent years, and while the area is home to several large institutions, small businesses are the primary source of local employment.

This report is part of a series of quarterly reports that highlight key aspects of the State Financial Plan, including variances and risks, based on actual revenue and spending information from the Office of the State Comptroller Monthly Cash Reports.

New York State has a childhood obesity crisis. The New York State Department of Health estimates that one in four New Yorkers under the age of 18, or approximately 1.1 million young people, is obese.

The Comprehensive Annual Financial Report for the New York State and Local Retirement System (the System or NYSLRS) for the fiscal year ended March 31, 2008.

Over the past year, financial firms have written off hundreds of billions of dollars in bad debt, which has resulted in a loss of confidence and a destabilization of the financial markets.

The State of New York faces serious fiscal challenges. Over the next few years, the State is projected to face annual budget gaps that combine to exceed $26 billion. For too long, New York’s budgets have contained spending commitments that dramatically outpace realistic revenue growth.

The Metropolitan Transportation Authority (MTA) is facing a serious fiscal crisis.

The Comprehensive Annual Financial Report for the State of New York for the fiscal year ended March 31, 2008.

This report examines some of the various options proposed to reduce local property tax growth.

Last summer the subprime mortgage crisis sent shockwaves through the national and local economies. Over the past year, credit has tightened; financial institutions have written off more than $200 billion in bad debt and posted record losses; home values have dipped nationally and have begun to weaken in New York City; job growth has weakened; and inflation has strengthened, particularly for energy and food prices.

This report is the first of a series of quarterly reports that will highlight key aspects of the State Financial Plan, including variances and risks, as actual revenue and spending information is made available through the Office of the State Comptroller Monthly Cash Reports.

Sales taxes are an important source of revenue for New York State's local governments. This revenue stream has helped local governments cope with the rising cost of providing services and mitigate property tax increases. Sales tax revenues now exceed the real property tax as the largest revenue source for counties.

Each year in New York City, more than 100,000 public and private school children between the ages of 5 and 21 are referred (by teachers or parents) to the New York City Department of Education (DOE) to be evaluated for their needs for continued or new special education services.

Our nation is facing very challenging times. The current economic climate, characterized by escalating fuel and food costs, ongoing volatility in the financial markets and continued weakness in the housing market, is straining budgets at every level from federal, state and local governments to individuals.

Over the past 12 years, the three largest operating agencies of the Metropolitan Transportation Authority (i.e., New York City Transit, the Long Island Rail Road, and the Metro-North Railroad) paid out more than $1.1 billion on 86,875 claims for personal injury or property damage. The claims were filed by passengers, employees, motorists, and others.

Last June, New York City’s four-year financial plan was based on what appeared to be very conservative economic and revenue assumptions, given the economic environment at that time. During the summer, however, the subprime mortgage crisis sent shockwaves through the national and local economies. As a result, over the course of the current fiscal year the City revised its economic and revenue outlook to keep ahead of adverse economic developments.

The Enacted Budget for State Fiscal Year (SFY) 2008-09 was passed by the Legislature in its entirety by April 9, 2008, despite tremendous economic uncertainty, declining revenue projections and the transition to a new Executive at a critical time in the budget process.