Reports

The Metropolitan Transportation Authority (MTA) operates the largest and most diverse transportation system in the nation, and keeping it secure entails significant challenges.

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 Metropolitan Transportation Authority (MTA) is facing a serious fiscal crisis.

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

This report examines some of the various options proposed to reduce local property tax growth.

Last summer the subprime mortgage crisis sent shockwaves through the national and local economies. Over the past year, credit has tightened; financial institutions have written off more than $200 billion in bad debt and posted record losses; home values have dipped nationally and have begun to weaken in New York City; job growth has weakened; and inflation has strengthened, particularly for energy and food prices.

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.

Last June, New York City’s four-year financial plan was based on what appeared to be very conservative economic and revenue assumptions, given the economic environment at that time. During the summer, however, the subprime mortgage crisis sent shockwaves through the national and local economies. As a result, over the course of the current fiscal year the City revised its economic and revenue outlook to keep ahead of adverse economic developments.

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.

On February 27, 2008, the Metropolitan Transportation Authority (MTA) released a proposed capital program for 2008-2013.

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.

This report provides an overview of financial and employment trends of the 116 active Industrial Development Agencies (IDAs) in New York State.

As previous reports by the Office of the State Comptroller have pointed out, the terms city, town and village have more to do with history than they do with present day governmental function. This report looks at urban villages as one type of municipal government that has been impacted by these historic designations.

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.

The Metropolitan Transportation Authority (MTA) operates the largest and most diverse transportation system in the nation, and keeping it secure entails significant challenges.