Reports

New York City’s adopted $119.7 billion fiscal year 2026 budget is currently balanced (including pre-payments) but there are significant concerns over funding from Washington and slowing economic growth that could jeopardize its financial position and discretionary programs if greater preparation is not taken. The City must make balanced and prudent fiscal choices in the coming year while managing its substantial operational needs and encouraging employment and business growth to enhance its economic and tax revenue base.

New York State’s Financial Plan shows a growing structural budget deficit with a cumulative three-year budget gap of $34.3 billion, as forecasted by the Division of the Budget. The gap is up $7 billion since the January release of the Fiscal Year 2026 Executive Budget Financial Plan, and is attributable to downward revisions to the economic forecast and projected revenues, as well as increases in projected spending. When the projected costs of the federal reconciliation bill are added, the gaps as a share of spending are comparable to gap levels last seen in April 2009 during the Global Financial Crisis.

This report examines healthcare professional shortages in 16 rural counties throughout New York, looking at a range of professionals, including those practicing primary care, dental health and mental health. Shortages exist in all counties examined, and some counties have no pediatricians or Ob/Gyn doctors at all. The ability to access health care is an essential quality of life issue. Without access, rural New Yorkers may have worse health outcomes, and if unaddressed, shortages will get worse.

Sales tax collections for local governments and other local taxing entities in New York State totaled $11.9 billion in the first half of 2025, up 3.7 percent ($423 million) over the same period last year. Over the past few years, since the end of the dramatic pandemic-related swings in collections from 2020 to 2022, first-half sales taxes are showing similar patterns of growth as in the years following the recession-related dip in 2009. All of the state’s 10 regions saw year-over-year growth in first-half collections. New York City’s collections grew by 4.7 percent, while collections in the counties and cities in the rest of the state experienced 2.8 percent aggregate growth. | Regional Table [.xlsx]

In State Fiscal Year 2024-25, the Office of Unclaimed Funds returned a record $633 million to rightful owners, a 25% increase over the previous year.

New York State agency overtime costs increased 10.2% in 2024 for a total of $1.3 billion, while the number of overtime hours increased by 7.8%, or 1.8 million hours higher than the previous year. This was the second year in a row the workforce increased to an average annual total of 151,309, but headcount is still below where it was in 2019 and markedly lower than 15 years ago when it was over 177,000.

Despite having the fourth-largest construction sector in the nation, New York State is one of five states that have not recovered from pandemic job losses and a full recovery may take some time as construction businesses in New York City continue to face a variety of challenges, including softer demand for office space. This report provides an update to the Office of the New York State Comptroller’s report that found the COVID-19 pandemic had an outsized impact on the construction sector in New York City. 

Proposed federal changes to the Supplemental Nutritional Assistance Program (SNAP), the nation’s largest program helping households obtain food, would increase costs to state governments, limit eligibility and reduce the value of future benefits. As an essential safety net program, SNAP benefits have traditionally been funded by the federal government; the proposed changes could weaken the program and lead to increased food insecurity in New York and nationally.

The Procurement Stewardship Act Report is prepared annually by the Office of the New York State Comptroller as required by New York State Finance Law, Section 163.14. The Report provides information on state agency contracts, agency purchases from centralized contracts, bid protests and use of consultants during the past fiscal year. 

The MTA has made substantial progress funding its capital programs and has tried to limit the strain on its operating budget from debt service costs, but potential federal actions threaten its financial future and debt profile.

This report summarizes project and financial data submitted by industrial development agencies (IDAs) for fiscal year 2023 — the most recent data available — through the Public Authorities Reporting Information System. It also contains a brief discussion of local development corporations (LDCs), a related type of local authority. For regional and individual IDA summary-level data, see our Interactive Map. For more detailed IDA data, see IDA 2023 | LDC 2023.

The State of New York Mortgage Agency (SONYMA) has boosted lending and programs for minority households and economically disadvantaged communities, increasing its share of loans provided to low-income and minority borrowers over the last 10 years, but wide racial and ethnic disparities persist in homeownership in New York. Improvements to data and reporting are needed so that policymakers have better information to evaluate outcomes and consider whether additional actions are needed, given rising housing burdens across the State.

Stronger than anticipated revenues and lower costs for asylum seekers will help New York City balance its $118 billion fiscal year 2026 budget. However, potential fiscal challenges are emerging, including continued uncertainty regarding federal policy and economic conditions, and fiscal risks from anticipated federal budget cuts. These challenges could limit the City’s potential revenue upside and make it harder to continue to fund recent spending additions for discretionary programs and maintain services.

The Enacted Budget for State Fiscal Year 2025-26 is projected to total $254 billion, a 5.2% increase in spending at a time when new federal actions on funding and policy may change the relationship between the federal government and states. Federal funding represents more than 1 in 3 dollars in the State’s budget. Federal reductions will have real impacts on the people in the State, whether it is the food or medical care they can afford or even the level of care that hospitals provide.

Young workers in New York City between the ages of 16-24 continued to face a high 13.2% unemployment rate in 2024, which was 3.6 points higher than in 2019 and higher than all other age groups. Potential federal funding cuts to education and workforce development grants, as well as a looming economic recession, may weaken job prospects for young people.

Of the total contracts reported by State agencies in 2024, 78 percent were processed after their start or renewal dates, an increase from 56 percent in 2023.

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 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.

For State Fiscal Year (SFY) 2024-25, agencies paid vendors $4,258,793 in interest primarily due to delays in encumbrance processing, agency backlog or agency processing delays.

New York State has appropriated $1.71 billion through State Fiscal year (SFY) 2025 to help counties implement the provisions of the “Raise the Age” (RTA) law enacted in 2017, with $658.8 million disbursed through SFY 2025. As counties continue implementing RTA through programming and staffing, State spending may continue to increase.

Budget resolutions under consideration by the 119th Congress could lead to a dramatic restructuring of the federal⁠⁠-⁠⁠state⁠ ⁠relationship. This online resource details the vast array of services that federal funding supports amid the continued uncertainty in Washington over potential cuts for states, including funds for Medicaid and other health programs, education, social welfare, transportation, public protection and other vital programs.