Reports

September 11, 2001, was a tragic day for the nation, one which will never be forgotten. In New York City, the terrorist attacks took the lives of more than 2,700 people, including hundreds of first responders. There was extensive damage to property and infrastructure, and the economy of the City, and of Lower Manhattan in particular, was shaken.

Chapter 566 of the Laws of 2015, the “Enterprise Fraud, Waste and Abuse Prevention and Detection Act” (Act), codified as State Finance Law § 8-c, was enacted in December 2015 and took effect on April 19, 2016. The Act sets forth provisions for a Statewide electronic system to help detect and prevent waste, fraud, and abuse and the improper payment of public moneys.

The Comprehensive Annual Financial Report for the State of New York for the fiscal year ended March 31, 2016.

An economic recession, as the old saying goes, is when your neighbor becomes unemployed—and a depression is when it happens to you. A similar logic applies to economic recoveries: whatever the experts may say about the national outlook, most of us are especially concerned about good jobs and good wages in our own communities.

Total local sales tax collections grew by 1.7 percent or $130 million in the first half of 2016, compared to the first half of 2015.

On June 14, 2016, the City of New York submitted a four-year financial plan (the “June Plan”) covering fiscal years 2017 through 2020 to the New York State Financial Control Board.

Each year when the State’s budget is enacted, much attention understandably is devoted to its immediate impact. But New York’s history shows that we also need to pay attention to the longer term.

Economically, the Mid-Hudson region is relatively prosperous: county median incomes and property values are both well above the State and national averages as are the costs of living and doing business there. Current unemployment is below 5 percent in most of the counties, with a significant number of residents commuting to New York City. Recent economic development efforts have focused on attracting biotechnology and other high-tech manufacturing and on activities that take advantage of the region’s extensive road systems and generally well-developed infrastructure.

The New York State Minority and Women-Owned Business Enterprise (“MWBE”) Asset Management and Financial Institution Strategy (Chapter 171, Laws of 2010) was enacted to codify and replicate best practices for providing MWBEs (or firms) that are asset managers, investment banks and financial and professional service providers with the opportunity to offer services to fiduciary-controlled entities established by New York State law.

This report, one in a series of reports by Comptroller DiNapoli on public authorities in New York State, summarizes the revenues, expenditures, employment and certain other key data of the Capital District Transportation Authority (CDTA).

New York State’s hotel industry has experienced a decade of strong growth, driven by an increase in tourism. A record number of visitors (227.5 million) came to New York State in 2014, and a new record was likely set in 2015.

New York State continues to experience record numbers of homeless people. Generally, the focus of media coverage and policy discussions is on New York City and other large metropolitan areas as they contain the largest populations of homeless.

It seems that every community in New York State is experiencing the heartbreak of lives lost to prescription opioid abuse and heroin addiction.

This report provides an analysis of annual financial data reported to the Office of the State Comptroller and the Authorities Budget Office by IDAs for fiscal year 2014, discusses regional impacts and highlights a new law championed by Comptroller DiNapoli, which increases transparency in IDA operations.

In the 2015-2016 fiscal year, State agencies paid interest totaling $1,462,835, representing a decrease of $62,277 from the prior year.

Although overall results have improved, State agencies continue to have difficulty meeting established time frames. In 2015, State agencies reported that 61 percent of grant contracts with NFPs were not approved by the start or renewal date. This compares with 77 percent as reported in 2014.

On April 26, 2016, the Mayor of the City of New York released his executive budget for FY 2017 and a financial plan (“the April Plan”) for fiscal years 2016 through 2020.

New York State ended State Fiscal Year (SFY) 2015-16 in an improved fiscal position, largely reflecting an influx of non-recurring resources.

New York State’s short-term fiscal picture has improved in recent years, thanks to factors that include an extraordinary level of one-time financial settlement resources.

The State Fiscal Year (SFY) 2016-17 Enacted Budget includes a significant increase in school aid as well as a multibillion dollar reduction in personal income taxes to be phased in over nearly a decade.