State tax revenues in December and January fell far short of earlier projections, making the process of adopting the new State budget more difficult than in the recent past.

This year’s State budget process was complicated by December and January tax revenues falling billions of dollars short of expectations. By the start of the new fiscal year on April 1, the picture was somewhat brighter as a result of stronger than anticipated revenues for the month of March and a higher than expected General Fund balance to begin the new year.

New York State continues to benefit from a historically long national economic expansion, now extending a full decade. The Division of the Budget (DOB) projects healthy growth in tax receipts and federal aid for the current fiscal year.

This Report on Estimated Receipts and Disbursements for State Fiscal Year (SFY) 2019-20 through SFY 2021-22, issued pursuant to Section 23 of the State Finance Law, is intended to enhance analysis and discussion of the State’s economic condition and the State Budget.

The national economy has now been growing for more than a decade – a lengthy expansion, by historical standards. While we have no way of knowing exactly when that will change, we can be sure that at some point a downturn will come. When that happens, the State must be prepared to safeguard essential services and avoid undesirable tax increases.

Each year in New York City, more than 100,000 public and private school children between the ages of 5 and 21 are referred (by teachers or parents) to the New York City Department of Education (DOE) to be evaluated for their needs for continued or new special education services.

The neighborhoods of Washington Heights and Inwood comprise the upper portion of Manhattan. The local economy has expanded modestly in recent years, and while the area is home to several large institutions, small businesses are the primary source of local employment.

The Hunts Point Food Distribution Center, often referred to as the Hunts Point Market, is the largest food distribution center in the world.

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In recent years, the number of affordable rental apartments in New York City has declined and more households are devoting at least 30 percent of their income toward rent. These factors have exacerbated an already serious lack of affordable housing in New York City.

Long Island City and Astoria are the westernmost parts of Queens, only minutes from Midtown Manhattan. The area benefits from a strong transportation network, which has made it attractive to business and residential development.