The Office of the State Comptroller prepares this report as part of the "Quick Start" process established in the State Finance Law. The report includes revenue and spending projections through SFY 2025-26.
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November 2023 —
September 2023 —
Despite significant uncertainty caused by inflation and other factors, State Fiscal Year (SFY) 2022-23 reflected continuing recovery from COVID-19 and economic growth.
July 2023 —
The Division of the Budget’s State Fiscal Year (SFY) 2023-24 Enacted Budget Financial Plan shows looming budget gaps totaling $36.4 billion through SFY 2026-27. The deteriorating fiscal outlook is rooted in several factors, including anticipated revenue declines from a weakening economy and a volatile stock market, and increases in recurring spending. State leaders must take action to align recurring revenues with recurring spending, with an eye toward preserving the economic competitiveness of our State and equality of opportunity for all New Yorkers.
May 2023 —
The $229 billion Enacted Budget for State Fiscal Year 2023-24 includes new recurring spending for schools, mental health services, and health care, as well as resources for the Metropolitan Transportation Authority and for emergency rental assistance. While these and other measures will increase spending, revenues are projected to decrease for the second year in a row, as temporary federal aid is depleted and tax collections decline.
March 2023 —
The Executive Budget proposes $227 billion in All Funds spending in SFY 2023-24, an increase of 2.5% from the prior year. The State faces prolonged inflation, rising federal interest rates and the end of federal relief aid that was instrumental in balancing the past two budgets. As a result, the Division of the Budget projects shortfalls in revenues and increases in spending.
November 2022 —
The Office of the State Comptroller (OSC) prepares this report as part of the “Quick Start” process established in State Finance Law. The report includes revenue and spending projections through SFY 2024-25.
September 2022 —
As State policymakers responded to the challenges of the COVID-19 pandemic and accompanying volatility in the State’s finances, New York ended the State Fiscal Year (SFY) 2021-22 budget on stable ground.
July 2022 —
After two years of extraordinary volatility in State finances, the State Fiscal Year 2022-23 Enacted Budget Financial Plan projects fiscal stability for the next five years and includes plans to bolster rainy day reserves significantly. However, this report identifies several revenue, spending, and sustainability risks that could disrupt the Financial Plan that should be monitored closely.
May 2022 —
Historic federal aid and better-than-expected revenues allowed for a steep increase in spending in the Enacted Budget. However, sustaining new recurring commitments over a longer time period may be difficult as new economic risks emerge, federal funding is spent down, and temporary tax revenues sunset. Bolstering reserve funds is essential for ensuring services New Yorkers rely on can be preserved through economic challenges and fiscal uncertainties.
February 2022 —
Although the Division of the Budget forecasts in the State Fiscal Year 2022-23 Executive Budget that the budget will remain in balance for the next five years, the direction of the pandemic, inflation, and supply chain issues all remain risks to the state’s economic recovery and financial plan. The budget also proposes billions of dollars in spending that would bypass critical oversight if enacted.
November 2021 —
The Office of the State Comptroller prepares this report to enhance public discussion of the State's economy and budget. OSC estimates the State’s tax revenues will grow 22 percent in SFY 2021-22, 4.7 percent SFY 2022-23, and 3.2 percent in SFY 2023-24.
September 2021 —
State Fiscal Year (SFY) 2020-21 will long be remembered for the disruption caused by the COVID-19 pandemic and for the resilience demonstrated by New Yorkers in responding to the multitude of challenges.
June 2021 —
The State Fiscal Year 2021-22 Enacted Budget Financial Plan reflects a remarkable improvement in the State’s financial condition, as New York and the nation have begun to recover from the devastating impacts of the COVID-19 pandemic. Nevertheless, there are significant risks to the plan that can be managed if policymakers commit to further strengthening the State’s rainy day reserve funds; exercise discipline by using temporary federal resources for non-recurring obligations over the multi-year plan period; consider the long-term sustainability of major spending programs; closely monitor personal income tax collections and taxpayer behavior; and restore effective State debt management practices, including establishment of new and meaningful debt limitations and, if practicable, greater use of “pay-as-you-go” capital.
April 2021 —
The New York State All Funds Budget for State Fiscal Year (SFY) 2021-22 totals an estimated $212 billion — the largest budget in State history, almost 10 percent greater than the prior year. While the Budget relies on an influx of resources to make significant investments in Education, Medicaid, and for aid for New Yorkers and businesses, it also missed opportunities to correct course on some lingering fiscal deficiencies.
March 2021 —
The Executive Budget Financial Plan for State Fiscal Year 2021-22 projects that federal operating aid spending in the current fiscal year will total $76.6 billion, an increase of 30 percent over last year. The proposed Budget assumes the State will receive at least $3 billion in unrestricted federal assistance for each of the next two fiscal years. However, that level of funding would not be enough to avert painful spending cuts to local governments, nonprofits and other service providers, or tax increases.
January 2021 —
The economic outlook contained in the Governor’s Executive Budget proposal for State Fiscal Year 2021-22, released this week, anticipates continuing but slow improvement for employment and other economic indicators, as well as tax revenues.
November 2020 —
The Office of the State Comptroller estimates that the State’s tax revenues will decline by 5.6 percent or $4.7 billion in SFY 2020-21 compared to the previous year. Such revenues are projected to grow by 1.6 percent in SFY 2021-22, and to increase by 4.3 percent in SFY 2022- 23
May 2020 —
New York State has experienced difficult budgets many times over its history. Seldom if ever, however, has the State faced the level of economic and revenue challenges identified in this year’s Enacted Budget Financial Plan as a consequence of the COVID19 pandemic.
April 2020 —
New York State is facing extraordinary challenges as a result of the coronavirus pandemic. Its punishing impacts include shutting down much of the economy, throwing millions of Americans out of work, and devastating State finances.
February 2020 —
Every year, certain issues emerge as particular challenges in the State Budget. Clearly, among the most difficult this year is the structural budgetary imbalance in the State’s Medicaid program.