New York City forecasts a surplus of $965 million in the fiscal year ending in June 2022, based largely on the receipt of $750 million in unrestricted federal aid, and projects outyear gaps to drop by nearly a third from earlier estimates. Despite the positive news, the Office of the State Comptroller has identified several risks that could pose challenges to the City’s budget in the future.
Monthly enrollment in the Medicaid program has grown by about 5 percent per year since January 2007, and exceeded 7 million for the first time in February 2021. This report discusses the factors that have driven growth in Medicaid enrollment and the resulting cost impacts, the relationship between Medicaid enrollment and economic indicators, and the cost implications if the Division of the Budget's anticipated enrollment reductions fail to materialize.
The Metropolitan Transportation Authority is facing significant long-term financial challenges, including risks to its capital plan and pressure from escalating debt, while the impacts of climate change demand a sharper focus on preparation for and response to extreme weather events. The passage of the Infrastructure Investment and Jobs Act offers a boost for the agency’s capital plan, but also heightens the need for appropriate prioritization of capital projects.
The following Report on Local Governments provides a summary analysis of the financial state of the local governments outside of New York City for local fiscal years ending in 2019. | NYS Local Government Interactive Data
This snapshot highlights the FSMS results for school districts that reported for school fiscal year (SY) 2019-20, which ended on June 30, 2020, which included the period of the statewide mandatory school shutdown from March 18 through the end of the school year. The snapshot also discusses some of the major fiscal stress risk factors posed by the pandemic for school districts in SY 2020-21 (not yet scored).
This report summarizes data for fiscal year 2019, the most recent data reported by IDAs through the Public Authorities Reporting Information System (PARIS). The report also contains a brief discussion of local development corporations (LDCs), a related type of local authority. | Interactive Map
This snapshot highlights the results for counties, cities, towns and villages that reported for local fiscal years ending (FYE) 2020. These scores, therefore, reflect the partial-year impact of the COVID-19 pandemic on operations for most local governments.
The case studies described in this report provide insight into some of the fiscal challenges that the COVID-19 pandemic presented to individual local governments in 2020. OSC staff conducted interviews and financial analysis in late fall 2020, choosing the Mid-Hudson region as the geographical focus. The City of Peekskill, the Town of Cornwall and the Village of New Paltz agreed to participate in the study. Each had its own unique experience in 2020, but each also shows some of the typical problems facing local governments throughout the region and the State.
In early 2021, New York City established a rainy-day fund, to better prepare for financial downturns. This report lays how the City can ensure resources are available when needed, by establishing a clear and written purpose for the funds, creating targets for how much should go into the fund each year and setting the conditions for withdrawals. The report also found the City’s reserve policies are not as robust as other large U.S.
The Office of the State Comptroller prepares this report to enhance public discussion of the State's economy and budget. OSC estimates the State’s tax revenues will grow 22 percent in SFY 2021-22, 4.7 percent SFY 2022-23, and 3.2 percent in SFY 2023-24.
