Reports

The fiscal relationship between the federal government and the states has been a topic of debate since the founding of our nation.

Excel file with supporting data

The Executive Budget for State Fiscal Year (SFY) 2013-14 was released by the Executive on January 22, 2013. On February 21, the Executive submitted final amendments to the proposed budget, to supplement the 21-day amendments previously released.

Absent Congressional action, significant revisions to federal tax and spending policies are scheduled to take effect in January 2013.

New York State’s population increased by 2.1 percent between 2000 and 2010 – the fifth slowest rate of growth among all states nationwide. Gains or losses in population cause a shift in the local tax base, drive adjustments in State and federal revenue allocations, and influence the demand for municipal services and infrastructure.

The federal government has been operating under Continuing Resolutions since the start of the new federal fiscal year that began October 1, 2010. Despite ongoing efforts between the President and Congress to reach agreement on a federal budget, taxpayers face the threat of the first federal government shutdown since 1996.

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.