Reports

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

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.

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.

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.

New York State is facing a number of fiscal challenges resulting in part from economic factors beyond the State’s control. National economic growth is slowing and the risk of recession is increasing.

Debt is an essential financing tool for State and local governments. The infrastructure citizens rely on—roads, bridges, schools, hospitals, universities, housing and mass transit—is made possible through the issuance of debt.

In order to facilitate the timely adoption of a State budget for the next fiscal year, Chapter 1 of the Laws of 2007 revised the existing “quick start” budget process to require the staff of the Governor, the Legislature and the Comptroller to separately prepare reports detailing receipts and disbursement estimates for the current and ensuing fiscal years.

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, 2007.

New York faces considerable fiscal challenges that will require the State’s leaders to find creative and effective solutions in order to chart a positive course for the future. A well-planned, collaborative effort will help the State reverse patterns of unsustainable spending, rising debt levels and structural budgetary imbalances.

The Comprehensive Annual Financial Report for the State of New York for the fiscal year ended March 31, 2007.

The appropriation and Article VII bills adopted by the Legislature pursuant to the final budget agreement represent the underlying authorization of a State budget. 

New York has embarked on a new era. For the first time in more than a decade the people of this State are represented by all new statewide officials— Governor, Lieutenant Governor, Comptroller and Attorney General.

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, 2006.

As the current administration ends its tenure, the State faces significant financial challenges. The 2006-07 enacted budget contains an estimated two-year budget gap of as much as $13.9 billion, with spending projected to grow twice as fast as revenues between 2005-06 and 2008-09.

The Comprehensive Annual Financial Report for the State of New York for the fiscal year ended March 31, 2006.

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, 2005.

Last fiscal year, the process by which the budget was constructed improved immeasurably. The budget was passed in a timely fashion, and more legislators were involved in crafting the final product.

The Comprehensive Annual Financial Report for the State of New York for the fiscal year ended March 31, 2005.

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, 2004.