Reports

New York’s State and local public authorities collectively spend nearly $60 billion annually. Their total debt outstanding, more than a quarter of a trillion dollars, equates to $13,013 for every New York resident.

On November 25, 2014, the City of New York submitted to the New York State Financial Control Board a revised four-year financial plan (the “November Plan”) covering fiscal years 2015 through 2018. The November Plan incorporates developments during the first quarter of the current fiscal year, including higher-than-expected tax collections and agency spending. The November Plan shows substantially smaller out-year gaps than projected by the City in June 2014, mostly because of savings from better-than expected pension fund investment earnings in FY 2014 and additional debt refinancings.

Access to a habitable and secure place to live is a basic human need, essential to good health and well‐being. Keeping New Yorkers housed is costly, however. Government spends billions of dollars annually to assist developers, owners, and renters.

Created in 1970, the New York State Department of Environmental Conservation (DEC) is responsible for most of the State’s programs to protect wildlife, natural resources and environmental quality.

This Report on Estimated Receipts and Disbursements for State Fiscal Year (SFY) 2014- 15 through SFY 2016-17, issued pursuant to Section 23 of the State Finance Law (as amended by Chapter 1 of the Laws of 2007), is intended to enhance analysis and discussion of the State’s economic condition and the State Budget.

The State ended the first half of State Fiscal Year (SFY) 2014-15 in an improved cash position, due largely to unanticipated settlement revenues and tax receipts.

On July 28, 2014, the Metropolitan Transportation Authority (MTA) released a preliminary budget for 2015 and an associated financial plan (the “July Plan”). The July Plan, which covers 2014 through 2018, shows that the MTA’s short-term financial outlook continues to improve with the economy.

Six years after the financial crisis, the securities industry continues to deal with the fallout. Regulatory reforms are changing the way the industry operates by requiring larger reserves, limiting certain activities and imposing other changes intended to reduce unnecessary risk and to enhance transparency.

The New York City subway system includes 468 passenger stations, which are used by 5.5 million riders each weekday. The system is operated by New York City Transit (NYCT), the largest subsidiary of the Metropolitan Transportation Authority

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, 2014.

New York State has made progress toward aligning revenues with expenditures in recent years by limiting spending growth and holding potential budget gaps to comparatively manageable levels. 

Overall, 35 entities were classified as being in some level of stress, with 10 designated as being in significant fiscal stress, 8 in moderate fiscal stress and 17 susceptible to fiscal stress.

The New York State Common Retirement Fund has a powerful, far-reaching impact on the economy of New York State.

This follow-up report expands the analysis of the previous report; updating annual local government financial data and contrasting that to the associated local financial infrastructure needs in the most recent New York State studies. It also draws upon a new series of interviews with local officials to assess how they are working to provide the best infrastructure possible to their residents.

The Comprehensive Annual Financial Report for the State of New York for the fiscal year ended March 31, 2014.

The State’s All Governmental Funds tax collections through the first quarter of the 2014-15 State Fiscal Year (SFY) were $1.3 billion higher than projected in this year’s Enacted Budget Financial Plan, primarily due to increased business tax and Personal Income Tax (PIT) collections.

Although total local sales tax collections have grown each quarter since the end of the 2008-2009 recession, the rate of this growth has shown a downward overall trend.

County-by-city data - pdf

On June 26, 2014, the City of New York submitted to the New York State Financial Control Board a revised financial plan for FY 2014, which ended on June 30, 2014, and a new four-year financial plan (the “June Plan”) for fiscal years 2015 through 2018. The June Plan incorporates the adopted budget for FY 2015 and other revisions since the Mayor released his executive budget.

The regional transit system operated by the Metropolitan Transportation Authority (MTA) has improved dramatically over the past three decades.

Like many other cities, Glens Falls has struggled in recent years to maintain services, avoid large tax increases and balance budgets. The City’s high debt service costs for infrastructure expenditures as well as its subsidization of the Civic Center continue to be a burden. By 2012, Glens Falls had drawn down its available general fund balance to $0.6 million, or 3.7 of percent of expenditures.