The State Fiscal Year (SFY) 2016-17 Enacted Budget includes a significant increase in school aid as well as a multibillion dollar reduction in personal income taxes to be phased in over nearly a decade.
New York State’s short-term fiscal picture has improved in recent years, thanks to factors that include an extraordinary level of one-time financial settlement resources.
New York State ended State Fiscal Year (SFY) 2015-16 in an improved fiscal position, largely reflecting an influx of non-recurring resources.
Each year when the State’s budget is enacted, much attention understandably is devoted to its immediate impact. But New York’s history shows that we also need to pay attention to the longer term.
All Funds tax collections totaled $36.9 billion through the first half of State Fiscal Year (SFY) 2016-17, a decline of 3.5 percent, or $1.3 billion, from the first six months of last year.
This Report on Estimated Receipts and Disbursements for State Fiscal Year (SFY) 2016-17 through SFY 2018-19, 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.
This year’s Executive Budget contains important new proposals including tuition-free access to higher education for thousands of additional students, and increased investment in clean water for New Yorkers.
This year’s Enacted Budget for New York State provides increased resources for education, clean water, affordable housing and other essential programs. The Budget also enacts important policy changes, including raising the age of criminal responsibility and taking other steps to improve the State’s justice system.
As our nation enters its ninth year of economic expansion, New York State faces some signs of increasing fiscal challenges.
Receipts from All Governmental Funds (All Funds) totaled $76.6 billion through the first half of the fiscal year, an increase of $1.5 billion or 2 percent over the same period in SFY 2016- 17.
