Reports

Growth in tax receipts and lower-than-anticipated spending through the first three quarters of SFY 2015-16 have bolstered the State’s fiscal position as it approaches a new fiscal year.

This Report on Estimated Receipts and Disbursements for State Fiscal Year (SFY) 2015-16 through SFY 2017-18, 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.

The State’s cash position continues to improve, as illustrated by the $10.7 billion balance in the General Fund through the middle of State Fiscal Year (SFY) 2015-16.

New York spent $143.9 billion in State Fiscal Year (SFY) 2014-15 on an All Governmental Funds (All Funds) basis, an increase of $6.4 billion or 4.6 percent from SFY 2013-14.

In the sixth year of national economic recovery, New York State’s short-term financial condition continues to improve.

Medicaid provides health insurance coverage to more than 6 million New Yorkers and is projected to cost a total of $62 billion from federal, State and local sources in State Fiscal Year 2016.

The Executive Budget for State Fiscal Year (SFY) 2015-16 was released by the Executive on January 21, 2015. On February 20, the Executive submitted 30-day amendments to the proposed Budget.

As the national economy gains momentum in its sixth year of inconsistent recovery from the Great Recession, New York State's fiscal condition also continues to improve.

This Report on Estimated Receipts and Disbursements for State Fiscal Year (SFY) 2014- 15 through SFY 2016-17, issued pursuant to Section 23 of the State Finance Law (as amended by Chapter 1 of the Laws of 2007), is intended to enhance analysis and discussion of the State’s economic condition and the State Budget.

The State ended the first half of State Fiscal Year (SFY) 2014-15 in an improved cash position, due largely to unanticipated settlement revenues and tax receipts.

The State’s All Governmental Funds tax collections through the first quarter of the 2014-15 State Fiscal Year (SFY) were $1.3 billion higher than projected in this year’s Enacted Budget Financial Plan, primarily due to increased business tax and Personal Income Tax (PIT) collections.

New York State ended State Fiscal Year (SFY) 2013-14 in its strongest financial condition since the Great Recession. Indications of the State’s improved fiscal footing included a $175 million deposit in the Rainy Day Fund, the first since 2008, and General Fund reserves of $2.2 billion, effectively the highest level since the end of SFY 2007-08.

Although U.S. and New York State economic growth softened in State Fiscal Year (SFY) 2013-14, tax collections showed signs of real improvement.

The State ended SFY 2013-14 in its most favorable financial position in years. The General Fund’s end-of-year balance, more than $2.2 billion, was $432 million over February projections.

The State Fiscal Year (SFY) 2014-15 Executive Budget holds the promise that New York State can achieve ongoing budgetary balance after decades of nearly continuous structural gaps.

All Governmental Funds tax collections through the third quarter of State Fiscal Year (SFY) 2013-14 were $534 million lower than projected in the most recent update to the SFY 2013-14 Enacted Budget Financial Plan released in November 2013.

This Report on Estimated Receipts and Disbursements for State Fiscal Year (SFY) 2013-14 through SFY 2015-16, issued pursuant to Section 23 of the State Finance Law (as amended by Chapter 1 of the Laws of 2007), is intended to enhance analysis and discussion of the State’s economic condition and the State Budget.

Midway through State Fiscal Year (SFY) 2013-14, overall tax collections are slightly below the latest Division of the Budget (DOB) projections included in the First Quarter Update to the SFY 2013-14 Enacted Budget Financial Plan.

The State’s All Governmental Funds tax collections through the first quarter of the 2013-14 fiscal year were $321 million higher than projected in this year’s Enacted Budget Financial Plan.

After many years of structural budgetary imbalance, New York State has made strides toward achieving equilibrium between recurring revenues and ongoing expenditures.