After two years of extraordinary volatility in State finances, the State Fiscal Year 2022-23 Enacted Budget Financial Plan projects fiscal stability for the next five years and includes plans to bolster rainy day reserves significantly. However, this report identifies several revenue, spending, and sustainability risks that could disrupt the Financial Plan that should be monitored closely.
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July 2022 —
May 2022 —
Historic federal aid and better-than-expected revenues allowed for a steep increase in spending in the Enacted Budget. However, sustaining new recurring commitments over a longer time period may be difficult as new economic risks emerge, federal funding is spent down, and temporary tax revenues sunset. Bolstering reserve funds is essential for ensuring services New Yorkers rely on can be preserved through economic challenges and fiscal uncertainties.
February 2022 —
Although the Division of the Budget forecasts in the State Fiscal Year 2022-23 Executive Budget that the budget will remain in balance for the next five years, the direction of the pandemic, inflation, and supply chain issues all remain risks to the state’s economic recovery and financial plan. The budget also proposes billions of dollars in spending that would bypass critical oversight if enacted.
November 2021 —
The Office of the State Comptroller prepares this report to enhance public discussion of the State's economy and budget. OSC estimates the State’s tax revenues will grow 22 percent in SFY 2021-22, 4.7 percent SFY 2022-23, and 3.2 percent in SFY 2023-24.
September 2021 —
State Fiscal Year (SFY) 2020-21 will long be remembered for the disruption caused by the COVID-19 pandemic and for the resilience demonstrated by New Yorkers in responding to the multitude of challenges.
June 2021 —
The State Fiscal Year 2021-22 Enacted Budget Financial Plan reflects a remarkable improvement in the State’s financial condition, as New York and the nation have begun to recover from the devastating impacts of the COVID-19 pandemic. Nevertheless, there are significant risks to the plan that can be managed if policymakers commit to further strengthening the State’s rainy day reserve funds; exercise discipline by using temporary federal resources for non-recurring obligations over the multi-year plan period; consider the long-term sustainability of major spending programs; closely monitor personal income tax collections and taxpayer behavior; and restore effective State debt management practices, including establishment of new and meaningful debt limitations and, if practicable, greater use of “pay-as-you-go” capital.
April 2021 —
The New York State All Funds Budget for State Fiscal Year (SFY) 2021-22 totals an estimated $212 billion — the largest budget in State history, almost 10 percent greater than the prior year. While the Budget relies on an influx of resources to make significant investments in Education, Medicaid, and for aid for New Yorkers and businesses, it also missed opportunities to correct course on some lingering fiscal deficiencies.
March 2021 —
The Executive Budget Financial Plan for State Fiscal Year 2021-22 projects that federal operating aid spending in the current fiscal year will total $76.6 billion, an increase of 30 percent over last year. The proposed Budget assumes the State will receive at least $3 billion in unrestricted federal assistance for each of the next two fiscal years. However, that level of funding would not be enough to avert painful spending cuts to local governments, nonprofits and other service providers, or tax increases.
January 2021 —
The economic outlook contained in the Governor’s Executive Budget proposal for State Fiscal Year 2021-22, released this week, anticipates continuing but slow improvement for employment and other economic indicators, as well as tax revenues.
November 2020 —
The Office of the State Comptroller estimates that the State’s tax revenues will decline by 5.6 percent or $4.7 billion in SFY 2020-21 compared to the previous year. Such revenues are projected to grow by 1.6 percent in SFY 2021-22, and to increase by 4.3 percent in SFY 2022- 23
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.
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.
February 2020 —
Every year, certain issues emerge as particular challenges in the State Budget. Clearly, among the most difficult this year is the structural budgetary imbalance in the State’s Medicaid program.
November 2019 —
This Report on Estimated Receipts and Disbursements for State Fiscal Year (SFY) 2019-20 through SFY 2021-22, issued pursuant to Section 23 of the State Finance Law, is intended to enhance analysis and discussion of the State’s economic condition and the State Budget.
July 2019 —
New York State continues to benefit from a historically long national economic expansion, now extending a full decade. The Division of the Budget (DOB) projects healthy growth in tax receipts and federal aid for the current fiscal year.
April 2019 —
This year’s State budget process was complicated by December and January tax revenues falling billions of dollars short of expectations. By the start of the new fiscal year on April 1, the picture was somewhat brighter as a result of stronger than anticipated revenues for the month of March and a higher than expected General Fund balance to begin the new year.
February 2019 —
State tax revenues in December and January fell far short of earlier projections, making the process of adopting the new State budget more difficult than in the recent past.
November 2018 —
This Report on Estimated Receipts and Disbursements for State Fiscal Year (SFY) 2018-19 through SFY 2020-21, issued pursuant to Section 23 of the State Finance Law, is intended to enhance analysis and discussion of the State’s economic condition and the State Budget.
July 2018 —
In governmental budgeting, there can sometimes be a tendency to focus on the short term. At any level of government, taxpayers and those who depend on public services can suffer if officials don’t ensure a strong financial foundation for the long term as well.
April 2018 —
The State Budget determines how much can be spent in various program areas and how the necessary revenue will be raised. In recent years, annual budgets have increasingly become broader policy-making documents.