Farming in New York plays a critical role, both as an economic engine for communities and as an essential part of our food supply system. This report provides a comprehensive breakdown of farming across upstate New York, Long Island and New York City, including an analysis of State programs and tax benefits for farmers.

The benefits from four major social insurance programs provide crucial financial support during difficult times in the lives of hundreds of thousands New York workers and their families each year. This report analyzes benefits provided for representative workers under unemployment insurance, workers’ compensation, temporary disability insurance and paid family leave. 

The Office of the State Comptroller prepares this report as part of the "Quick Start" process established in the State Finance Law. The report includes revenue and spending projections through SFY 2026-27.

Local government sales tax collections in New York State totaled $5.98 billion in the third calendar quarter of 2024, up 1.4 percent (or $82.7 million) compared to the same quarter last year. Statewide local collections this past quarter continued a general trend of declining growth that followed a post-pandemic spike. In fact, the third quarter’s 1.4 percent growth was the lowest quarterly year-over-year increase following the pandemic-induced declines.

After a brief period of financial stability secured by an infusion of State funds last year, the Metropolitan Transportation Authority (MTA) now faces growing fiscal uncertainties and risks that create projected budget gaps. Those gaps could grow much wider if various budget risks that the MTA has identified come to pass. A faster-than-expected return of ridership remains one of the key means for improving the fiscal stability of the system and highlighting the importance of continued investment in the assets of the system.

The State’s employment picture has changed in significant ways since 2000 with the health care and social assistance industry increasing its share of total employment as manufacturing and financial activities shrank. Since the pandemic, the State has taken longer than the nation to regain the jobs lost; the nation fully recovered by June 2022, while for New York, recovery did not occur until April 2024. Despite the relatively slow employment recovery, growth in wages paid to workers has outpaced inflation.

Wall Street’s $23.2 billion in pretax profits for the first half of 2024 were a dramatic 79.3% increase over the same period last year and buoyed by securities trading, underwriting, and account supervision. The City's securities industry has the greatest number of jobs in the nation despite a decline this year. The industry also continues to contribute tax revenues at or above pre-pandemic levels, and its contribution should exceed tax forecasts if stronger-than-expected profits hold up.

In SFY 2021-22 (April 1, 2021 through March 31, 2022), OSC completed 10 audits of preschool special education providers' expenses submitted to SED. These audits cumulatively identified $3.8 million in recommended disallowances, or more than 4 percent of the total claimed expenses of $92.8 million for the audit period.