Reports

The Comprehensive Annual Financial Report for the State of New York for the fiscal year ended March 31, 2013.

Despite its strong tax base, the Town of Colonie has struggled financially in the past decade. However, between a series of property tax increases, including a one-time tax in 2009, and an arrangement to have a private contractor operate the Town’s landfill, Colonie experienced a stronger financial position at the end of 2011 than it had seen since 2002.

New York State’s economy, like that of the nation, has taken a roller coaster ride since the start of the 21st century. The national recession of 2001 and its aftermath hit the Empire State with job losses proportionally larger than those in most states. Following more than five years of steady recovery from the 2001 downturn, New York was again hit hard by the Great Recession – losing more than 300,000 jobs in 2008 and 2009.

The Power Authority of the State of New York is the largest public power utility in the United States, and its operating expenditures ranked third among New York State authorities in 2012.

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

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.

On June 27, 2013, the City of New York submitted to the Financial Control Board a four-year financial plan (“the June Plan”) based on the adopted budget for FY 2014, which began July 1, 2013. The FY 2014 budget is balanced and maintains services at current levels without raising taxes. Although the June Plan projects modest budget gaps in future years, the City has yet to reach new labor agreements with its unions.

The decline in manufacturing has contributed to the City of Binghamton’s high rates of unemployment and poverty compared to statewide averages. The City must also contend with constraints upon its ability to raise revenues.

The Bronx has come a long way since the 1970s. Both public and private investments have helped create new businesses, which in turn have generated thousands of new jobs. More recently, as the economic environment has improved, private investment has accelerated in the Bronx.

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This report is the third issued by the Office of the State Comptroller since 2009 concerning affordable housing in New York City.

Many of New York’s local governments are still struggling with the effects of the recent recession. The following report takes a look at how some of the drivers of fiscal stress have affected counties, cities, towns, and villages.

The City has paid down a significant amount of debt. This, along with the City’s substantial fund balance and a large tax margin, leave Watertown well positioned to cope with current and future fiscal challenges.

The Office of the State Comptroller recommends that, before State agencies are authorized to use P3 financing, policy makers should first develop a better  understanding of the potential costs and benefits of this approach. This report identifies a number of the risks  associated with privately financed infrastructure agreements and suggests ways to reduce such risks.

The Executive’s proposal could move toward increased private control over the provision of power on Long Island.

On May 2, 2013, the Mayor released his executive budget for FY 2014 and the associated four-year financial plan (“the May Plan”). The May Plan reflects the estimated impact of federal sequestration, the cost of Superstorm Sandy and the enacted State budget. Although the May Plan projects modest budget gaps beginning in FY 2015, the City has yet to reach new labor agreements with its unions.

The City of Elmira has taken measures to control expenditures through management efficiencies, while still recognizing the importance of investment in infrastructure and economic development initiatives.

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 firms with the opportunity to offer services to fiduciary-controlled entities established by New York State law.

In 2012-13, vendors were paid interest totaling $2,552,297, representing an increase of $627,035 above the prior year. 

IDAs can assist ailing municipalities by encouraging the creation of new businesses or the retention of existing businesses. However, it is vitally important that the granting of tax exemptions for a project will generate an economic benefit in the form of well-paying jobs and/or future new revenues for local governments. In short, incentives should be coupled with performance. 

2011 Regional IDA Statistics [pdf] | 2011 Regional IDA Statistics - Jobs Created [pdf] | Economic Development Regions of NYS [pdf] | IDA Projects in 2011 [xlsx]

More than a decade ago, New York became the fourth state in the nation to extend in-state college tuition rates to undocumented immigrant students. Today, approximately 8,300 such students attend public institutions of higher education throughout New York.

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