Reports

The State of New York continues to face serious challenges to its fiscal health. The State has continued on the unsustainable course of making recurring spending commitments that are not backed by recurring revenues, and it continues to rely heavily on debt.

The Comprehensive Annual Financial Report for the State of New York for the fiscal year ended March 31, 2009.

The Enacted Budget for State Fiscal Year (SFY) 2009-10 clearly demonstrates the need for comprehensive fiscal reform.

The December 2008 Cash Report indicates that tax collections, while in line with current Financial Plan projections released with the Governor’s proposed budget on December 16, again illustrate a slowing economy.

In response to the ongoing economic crisis in the State and nation, the State Fiscal Year (SFY) 2009-10 Executive Budget recommends $9.5 billion in spending reductions, $3.1 billion in new and higher taxes and fees, and $1.1 billion in nonrecurring resources to close an anticipated $13.7 billion SFY 2009-10 General Fund deficit, including shortfalls expected in the Health Care Reform Act (HCRA) funds.

This Report on Estimated Receipts and Disbursements for State Fiscal Year (SFY) 2008-09 through SFY 2010-11, issued pursuant to Chapter 1 of the Laws of 2007, is intended to facilitate preliminary discussion on the State’s economic condition and the upcoming budget for SFY 2009-10.

This report is part of a series of quarterly reports that highlight key aspects of the State Financial Plan, including variances and risks, based on actual revenue and spending information from the Office of the State Comptroller Monthly Cash Reports.

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, 2008.

Over the past year, financial firms have written off hundreds of billions of dollars in bad debt, which has resulted in a loss of confidence and a destabilization of the financial markets.

The State of New York faces serious fiscal challenges. Over the next few years, the State is projected to face annual budget gaps that combine to exceed $26 billion. For too long, New York’s budgets have contained spending commitments that dramatically outpace realistic revenue growth.

The Comprehensive Annual Financial Report for the State of New York for the fiscal year ended March 31, 2008.

This report is the first of a series of quarterly reports that will highlight key aspects of the State Financial Plan, including variances and risks, as actual revenue and spending information is made available through the Office of the State Comptroller Monthly Cash Reports.

Our nation is facing very challenging times. The current economic climate, characterized by escalating fuel and food costs, ongoing volatility in the financial markets and continued weakness in the housing market, is straining budgets at every level from federal, state and local governments to individuals.

The Enacted Budget for State Fiscal Year (SFY) 2008-09 was passed by the Legislature in its entirety by April 9, 2008, despite tremendous economic uncertainty, declining revenue projections and the transition to a new Executive at a critical time in the budget process.

New York State is facing a number of fiscal challenges resulting in part from economic factors beyond the State’s control. National economic growth is slowing and the risk of recession is increasing.

Debt is an essential financing tool for State and local governments. The infrastructure citizens rely on—roads, bridges, schools, hospitals, universities, housing and mass transit—is made possible through the issuance of debt.

In order to facilitate the timely adoption of a State budget for the next fiscal year, Chapter 1 of the Laws of 2007 revised the existing “quick start” budget process to require the staff of the Governor, the Legislature and the Comptroller to separately prepare reports detailing receipts and disbursement estimates for the current and ensuing fiscal years.

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, 2007.

New York faces considerable fiscal challenges that will require the State’s leaders to find creative and effective solutions in order to chart a positive course for the future. A well-planned, collaborative effort will help the State reverse patterns of unsustainable spending, rising debt levels and structural budgetary imbalances.

The Comprehensive Annual Financial Report for the State of New York for the fiscal year ended March 31, 2007.