Reports

The need for fiscal reform in New York State could not be more compelling. Despite significant spending cuts and revenue increases proposed in the Executive Budget, New York State still faces major projected budget gaps in future years—a cumulative three-year General Fund budget deficit that could exceed $30 billion through State Fiscal Year (SFY) 2013-14.

New York State has relied far too heavily on debt for far too long. Ten years after enacting legislation to slow the growth in borrowing and end the use of debt for fiscal gimmicks, New York continues to rely heavily on debt. A

New York’s dairy farms are a vital part of the upstate economy. Dairy industry losses in local communities have a ripple effect throughout their economies, negatively impacting local businesses that provide supplies or services to dairy farms, and the property and sales tax base.

The Executive Budget released in January 2010 proposed to roll the projected $500 million current year General Fund deficit into State Fiscal Year (SFY) 2010-11.

The Executive has proposed a spending plan for State Fiscal Year (SFY) 2010-11 that relies heavily on recurring spending cuts and revenue actions to produce a cash balanced budget, including provisions to roll a projected current year deficit forward.

In the wake of the events of September 11, 2001, the Metropolitan Transportation Authority (MTA) initiated intense planning efforts to determine how to best protect its customers and key assets from any future terrorist incident.

School districts across New York state, including New York City, face a potential funding gap of at least $2 billion when the American Recovery and Reinvestment Act funding runs out in 2011-12 unless federal aid is renewed or replaced by State aid.

View a district-by-district breakdown of ARRA funding - .xls

The nation is emerging from the worst recession since World War II. While New York City was hit hard, the impact has not been as severe as initially feared or as painful as elsewhere in the nation. The City has lost 125,000 jobs, and the November Plan assumes that job losses will peak at 220,000 during the third quarter of 2010—fewer losses than in either of the past two recessions.

New York State has already been forced to take extraordinary measures to meet its existing obligations in State Fiscal Year (SFY) 2009-10. The decline in revenue associated with the most severe recession since the Great Depression and the State’s continuing failure to address its worsening structural budget imbalance have combined to create a severe cash flow crunch.

This Report on Estimated Receipts and Disbursements for State Fiscal Year (SFY) 2009-10 through SFY 2011-12, issued pursuant to Chapter 1 of the Laws of 2007, is intended to facilitate continuing discussion of the State’s economic condition and the State Budget.

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, 2009.

The State of New York continues to face serious challenges to its fiscal health. The State has continued on the unsustainable course of making recurring spending commitments that are not backed by recurring revenues, and it continues to rely heavily on debt.

The MTA’s commuter railroads, bridges, and tunnels have been largely restored to a state of good repair, with some exceptions. The subway system has made substantial progress, but there is a large backlog of needed investments.

The Comprehensive Annual Financial Report for the State of New York for the fiscal year ended March 31, 2009.

This report analyzes historical trends in local capital spending and the current condition of our local infrastructure. It suggests some important steps that the State and local governments need to take to improve capital planning within New York. Finally, it suggests some policy options that could help sustain investment in the State’s infrastructure and encourage more coordinated, regional approaches to investment.

Two years ago, New York City’s economy was booming and the City’s coffers were overflowing with record budget surpluses. Today, the recession is rippling through the local economy and taking a heavy toll on tax collections. Tax collections, excluding recent tax increases, were down last year by $3.3 billion and are projected to decline by another $2.4 billion in FY 2010—a cumulative two-year drop of $5.7 billion.

This report provides a number of ideas and explains efforts undertaken by various municipal officials or identified through audits conducted by OSC that are applicable to most local governments, and that address costs that are under local control.

New York City is managing its way through its greatest fiscal challenge in decades as the recession ripples through the local economy and takes a heavy toll on tax collections. To help balance the FY 2010 budget in the face of a $6.8 billion drop in anticipated tax revenue, as well as to narrow the out-year budget gaps, the City has raised property taxes, slashed agency and capital spending, obtained extraordinary federal assistance, reached agreement with the municipal unions to reduce health care costs, and drawn down reserves built up during the last economic boom.

The Governor and State Legislature have taken important steps to stabilize the operating budget of the Metropolitan Transportation Authority (MTA) and to fund its next five-year capital program.

The Enacted Budget for State Fiscal Year (SFY) 2009-10 clearly demonstrates the need for comprehensive fiscal reform.