Report on the State Fiscal Year 2019-20 Executive Budget, February 2019
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.
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.
The Metropolitan Transportation Authority (MTA) operates the largest and most diverse transportation system in the nation, and keeping it secure entails significant challenges.
On February 27, 2008, the Metropolitan Transportation Authority (MTA) released a proposed capital program for 2008-2013.
The Metropolitan Transportation Authority (MTA) is facing a serious fiscal crisis.
The Metropolitan Transportation Authority (MTA) operates the largest and most diverse transportation system in the nation, and keeping it secure entails significant challenges.
The Governor and State Legislature have taken important steps to stabilize the operating budget of the Metropolitan Transportation Authority (MTA) and to fund its next five-year capital program.