Reports

New York City’s tradition as a melting pot of cultures is vividly on display in the Queens neighborhoods of Corona, Elmhurst, East Elmhurst and Jackson Heights. These neighborhoods, which are located in northwestern Queens, have the highest concentration of immigrants in New York City.

This Report on Estimated Receipts and Disbursements for State Fiscal Year (SFY) 2011-12 through SFY 2013-14, 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.

Wall Street recovered quickly from historic losses in 2007 and 2008 (greatly aided by the intervention of the federal government), but it still faces significant challenges.

New York State’s population increased by 2.1 percent between 2000 and 2010 – the fifth slowest rate of growth among all states nationwide. Gains or losses in population cause a shift in the local tax base, drive adjustments in State and federal revenue allocations, and influence the demand for municipal services and infrastructure.

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, 2011.

New York State has shown resilience in challenging times. While New Yorkers have been hit hard by the Great Recession, our past investments in infrastructure, facilities for culture, education and recreation, a well-educated workforce, innovative businesses, progressive human services organizations, and a world-leading financial sector provide a sound foundation for a return to prosperity.

The neighborhood of Flushing, located in northcentral Queens, has a rich history steeped in religious tolerance and cultural diversity. Founded in 1645, Flushing was the first permanent settlement in Queens.

Chinese | Korean

The recession greatly weakened the finances of the Metropolitan Transportation Authority (MTA), and for nearly two years the MTA has been attempting to stabilize its finances by reducing waste, cutting services, and raising fares and tolls.

The Comprehensive Annual Financial Report for the State of New York for the fiscal year ended March 31, 2011.

Along with technological advances comes the responsibility to protect confidential information adequately so that it cannot be accessed by unauthorized individuals. Failure to do so can come at a considerable financial cost.

On June 29, 2011, New York City adopted a $65.9 billion budget ($46.5 billion in City funds) for FY 2012, which began on July 1, 2011. While the budget is balanced, it relies on $5.1 billion in nonrecurring resources, including the FY 2011 surplus and a drawdown from the Retiree Health Benefits Trust. These resources will have to be replaced in subsequent years, and even though the City’s economy is slowly improving, the June 2011 financial plan (the “June Plan”) projects budget gaps that average $4.8 billion during fiscal years 2013 through 2015.

Coney Island and Brighton Beach are located on a peninsula in southern Brooklyn, along the Atlantic Ocean. The oceanfront location, along with access to mass transit, helped shape the development of these neighborhoods, which became a summer resort and home to the country’s oldest amusement area.

New York’s 57 counties (excluding New York City), 61 cities, 932 towns, and 556 villages reported spending nearly $2.6 billion to maintain 187,000 highway lane miles in 2009. Highway maintenance is one of the largest categories of expense for local governments, representing 7.6 percent of total local government expenditures.

Industrial Development Agencies (IDAs) are public benefit corporations created by an act of the State Legislature on behalf of one or more local governments. IDAs are intended to advance the job opportunities, health, general prosperity and economic welfare of the people of the State of New York, and to improve their recreation opportunities, prosperity and standard of living.

New York City’s May 2011 financial plan (the “May Plan”) projects a surplus of $3.2 billion for FY 2011, resulting largely from a drawdown in reserves, higher revenues due to an improving economy, and agency cost-reduction actions. The City intends to transfer the surplus to FY 2012 to help balance that year’s budget.

New York City has a serious lack of affordable housing. The New York State Comptroller issued a report on affordable housing in April 2009 that utilized data from the 2008 New York City Housing and Vacancy Survey (HVS), which is issued every three years.

In 2010-11, vendors were paid interest totaling $1,398,859, representing an increase of $486,799, or more than 53 percent, above the prior year. 

For many years, budgets in New York State, in addition to being enacted after the start of the fiscal year, have been characterized by overly optimistic revenue estimates, unrealistic spending targets, and excessive reliance on temporary or non-recurring revenues.

Real property tax assessment is an important function of local governments. In 2009, New York’s city, county, town and village assessing units spent nearly $132 million and employed roughly 1,350 certified assessors, tax directors and assessment appraisers.

The economic recovery took hold in New York in 2010, but it has been slow, and not all regions of the State have benefited equally.