Local government sales tax collections in New York State totaled $22.1 billion in calendar year 2022, up 12.7%, or $2.5 billion, from 2021 due to strong sales statewide, especially in New York City.
Like many cities across the United States, New York City has adjusted its budget priorities during the COVID-19 pandemic to help address pressing needs. This report examines how the City’s spending priorities shifted during the pandemic, including increases to support education, public safety, quality of life improvements and social services, as well the risks and uncertainties that could impact these newly funded programs in the long term.
Last year the New York State Thruway Authority proposed a multi-year schedule of toll increases to begin in 2024. This report provides a summary of the Thruway Authority’s current and forecasted revenue and expenses, factors that have impacted its finances over the past several years, the toll increase proposal, and considerations to help guide the assessment of the proposal.
New York has one of the nation’s highest debt levels, largely because measures to restrict the excessive use of debt have been circumvented over the years in State budgets. This report identifies policy and fiscal weaknesses that have allowed State debt to grow to troubling levels and offers a roadmap for State debt reform to improve debt affordability and protect New York’s fiscal health.
The Corporate Governance Program supports and facilitates the integration of environmental, social and governance (ESG) factors in the Common Retirement Fund’s due diligence process, investment decisions, and performance monitoring program, and provides active stewardship of the Fund’s public equity holdings.
A look back at some of the major accomplishments of the Office of the New York State Comptroller in 2022, including building on the State pension fund's $20 billion in climate solutions investments, investing an additional $350 million in New York State businesses, uncovering $5.4 billion in cost savings through audits of critical programs, returning $400 million in lost money to rightful owners, and more.
This report provides the public detailed information about State and local public authorities and makes recommendations to improve transparency and eliminate use of backdoor borrowing and debt gimmicks that seek to weaken or circumvent debt limits.
New York City’s fiscal year (FY) 2023 budget is projected to rise to $109.4, after transfers, but City finances could come under pressure amid a slowing economic recovery and an increase in demand for City services. For the upcoming FY 2024 preliminary budget, State Comptroller DiNapoli urges the City to provide a realistic and transparent view of the City’s revenue and expenses and take actions to close out-year gaps while maintaining critical services.
