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New York’s Economy and Finances in the COVID-19 Era (February 18, 2021)
… February 18, 2021 Edition Selected Economic Trends More Than 1.7 … benefits have provided badly needed support to millions of New Yorkers who are struggling with the economic … funds from those contributions are depleted, states may draw advance payments from the U.S. Treasury’s Unemployment …
https://www.osc.ny.gov/reports/impact-covid-19-february-18-2021States' Balance of Payments with the Federal Government: Fiscal Year 2018 - Interactive Map
Federal Spending Received Minus Taxes Paid
https://www.osc.ny.gov/reports/budget/states-balance-payments-federal-government-fiscal-year-2018-interactive-mapNew York’s Economy and Finances in the COVID-19 Era
… Economic Trends New York State Ranks Second Nationally in Jobs Lost While all states have lost employment since the … May through August. However, those gains, over 686,000 jobs, represented only 35 percent of the record-breaking loss … New York State Ranks Second Nationally in Jobs Lost …
https://www.osc.ny.gov/reports/covid-19-october-14-2020Update on New York’s Unemployment Insurance Trust Fund: Challenges Continue
… government to support UI claims, New York is one of only seven states or territories with UI funds that continue … of the outstanding loan balance—$8.1 billion—is second only to California. In May 2022, New York State paid $1.2 … 2 Payment of this interest was largely deferred, with only $3.4 million paid. 3 As of May 31, New York has …
https://www.osc.ny.gov/reports/update-new-yorks-unemployment-insurance-trust-fund-challenges-continueNew York’s Economy and Finances in the COVID-19 Era (March 18, 2021)
… March 18, 2021 Edition Economy Four Out of Five Small Businesses in NY Continue to Report a Negative Overall … year since the onset of the COVID-19 pandemic, New York’s small businesses continue to suffer, even as the economy … and employment growth resumes. Seventy-eight percent of small businesses (with less than 500 employees) surveyed …
https://www.osc.ny.gov/reports/impact-covid-19-march-18-2021New York’s Economy and Finances in the COVID-19 Era
… of lost jobs. 53% of New York adults age 18 and over live in households that have lost employment income since … Data For example, while 10 percent of all U.S. adults live in households reporting not having enough to eat in the … In the wake of COVID19 more than half of adult New Yorkers live in households that have lost employment income …
https://www.osc.ny.gov/reports/covid-19-july-9-2020DiNapoli Releases Analysis of State Budget Financial and Capital Plans
… billion, or 25.6 percent, over the five-year Capital Plan, with capacity under the state’s debt cap projected to decline …
https://www.osc.ny.gov/press/releases/2019/07/dinapoli-releases-analysis-state-budget-financial-and-capital-plansNew York One of Only Seven States to Owe Money to Federal Unemployment Trust Fund
… Despite recent significant payments to the federal Unemployment Trust Fund (UTF), New York is one … with unemployment insurance (UI) funds that are in debt to the federal government, and the $8.1 billion owed in the outstanding loan balance is second only to California, according to a new analysis by State …
https://www.osc.ny.gov/press/releases/2022/06/new-york-one-only-seven-states-owe-money-federal-unemployment-trust-fundNew York’s Economy and Finances in the COVID-19 Era (May 13, 2021)
Since March 2020 the federal government has enacted six pandemic relief packages intended to offer support to individuals businesses and state and local governments
https://www.osc.ny.gov/reports/new-yorks-economy-and-finances-covid-19-era-may-13-2021New York’s Economy and Finances in the COVID-19 Era
… State’s largest monthly loss of jobs on record. New York City lost 944,000 jobs from February to April, and recovered … 7, compared to $14.4 billion on July 31. In addition, the CARES Act Fund, which is outside the General Fund, held a … August 7. A total of $1.1 billion had been spent from the CARES Act Fund as of that date from the $5.1 billion in …
https://www.osc.ny.gov/reports/covid-19-august-19-2020Implications for the Future – 2023 Financial Condition Report
… Remains Looking ahead, numerous factors will continue to present risks to economic growth, and many forecasters … continue to believe that a recession is more likely than not. These factors include persistent inflation, the effects … hit New York that the State’s budgetary reserves were not sufficient to guard against unwanted spending cuts, tax …
https://www.osc.ny.gov/reports/finance/2023-fcr/implications-futureDiNapoli: New Yorkers Could Lose $72B in Reported State and Local Tax Deductions Under Trump Plan
… deductions, while retaining those for home mortgage interest and charitable deductions. Among the deductions the … than one in five taxpayers in the state reported mortgage interest deductions, averaging $8,727, while 29 percent … the framework proposal would: Set the corporate income tax rate at 20 percent, and eliminate the corporate AMT. …
https://www.osc.ny.gov/press/releases/2017/10/dinapoli-new-yorkers-could-lose-72b-reported-state-and-local-tax-deductions-under-trump-planDiNapoli: Halfway Through the Year, Revenue Hole Persists
… process in early November will provide a clearer picture for policymakers as they prepare to address our budget … That drop of 5.4 percent was the lowest monthly decline for sales tax since the fiscal year began in April. However, … leaders and the comptroller to meet annually before Nov. 15 to jointly review available financial information to …
https://www.osc.ny.gov/press/releases/2020/10/dinapoli-halfway-through-year-revenue-hole-persistsDiNapoli: Federal Data Shows New York's Losses in Fourth Grade Math and Reading Scores Are Double National Average
… New York State Comptroller Thomas P. DiNapoli today released a review … The Executive Budget proposes $42.1 billion in combined state and federal education aid for the upcoming state fiscal year (SFY) 2023-24; however, that total is … New York State Comptroller Thomas P DiNapoli today released a review …
https://www.osc.ny.gov/press/releases/2023/03/dinapoli-federal-data-shows-new-yorks-losses-fourth-grade-math-and-reading-scores-are-double-nationalDiNapoli Op-Ed in Newsday Urges Washington to Help Governments Hurt by COVID-19
… governments with populations above 500,000. In our state, only New York City and a half dozen other municipalities …
https://www.osc.ny.gov/press/releases/2020/04/dinapoli-op-ed-newsday-urges-washington-help-governments-hurt-covid-19Implications for the Future – 2022 Financial Condition Report
… on or ahead of the proposed schedule to mitigate against future economic downturns. …
https://www.osc.ny.gov/reports/finance/2022-fcr/implications-futureDiNapoli Op-Ed in Crain's New York Business
… minimal, and assessing performance is difficult. Perhaps a silver lining to the pandemic is that we have an opportunity …
https://www.osc.ny.gov/press/releases/2022/04/dinapoli-op-ed-crains-new-york-businessDiNapoli Warns of ‘Triple Threat’ of Fiscal Risks
… assumed in the Financial Plan could force difficult decisions regarding the funding of important programs and … of which largely reflected monetary settlement receipts in recent years. The most recent Financial Plan projected a budget gap of $4.1 billion …
https://www.osc.ny.gov/press/releases/2017/10/dinapoli-warns-triple-threat-fiscal-risksNew York’s Economy and Finances in the COVID-19 Era
… Economic Trends Total New York Wages Fell $12.5 Billion in Second Quarter In the second quarter of 2020, total wages paid in New York State declined by $12.5 billion or 7.4 percent in … In the second quarter of 2020 total wages paid in New York State declined by $125 billion or 74 percent in …
https://www.osc.ny.gov/reports/covid-19-december-16-2020DiNapoli Releases Analysis of State Budget Financial and Capital Plans
… "New York's growing out-year gaps, shrinking debt capacity and the lingering threat of federal funding cuts cloud the horizon. Yet, there are no plans to … $9.4 billion General Fund balance from SFY 2017-18 in the current fiscal year, and that General Fund reserves will …
https://www.osc.ny.gov/press/releases/2018/07/dinapoli-releases-analysis-state-budget-financial-and-capital-plans