The Annual Comprehensive Financial Report for the State of New York for the fiscal year ended March 31, 2022.

As State policymakers responded to the challenges of the COVID-19 pandemic and accompanying volatility in the State’s finances, New York ended the State Fiscal Year (SFY) 2021-22 budget on stable ground. 

The Annual Comprehensive Financial Report for the State of New York for the fiscal year ended March 31, 2023.

The Annual Comprehensive Financial Report for the New York State and Local Retirement System (the System or NYSLRS) for the fiscal year ended March 31, 2023.

Despite significant uncertainty caused by inflation and other factors, State Fiscal Year (SFY) 2022-23 reflected continuing recovery from COVID-19 and economic growth. 

This snapshot highlights the results for counties, cities, towns and villages that reported for local fiscal years ending (FYE) in 2022. Overall, the influx of federal pandemic relief aid, as well as robust sales tax revenues, were significant factors in lowering many municipalities’ fiscal stress scores in FYE 2022, especially for non-calendar year entities. Included in the report is an analysis of the 10 years of data collected since the launch of the system, focusing on what has been learned over the past decade.

New York City is planning drastic steps to reduce City-funded spending by as much as 15% in response to substantial budget gaps fueled by escalating costs in the years ahead. This report urges the City to provide greater transparency on nondiscretionary costs that it does not have direct control over to help the public, policymakers and its funding partners understand what’s at stake.

As required by Section 196 of the Navigation Law, the Comptroller prepares an annual report to the State Legislature and the Governor. The report includes: a description of the costs and damages paid by and recovered for the Fund; the monies spent pursuant to Section 186 (including amounts spent for oil spill prevention, training activities and equipment purchased), and the economic and environmental impacts on the State.

New York City’s finances continue to benefit from better-than-projected revenues and savings generated through initiatives launched in response to its financial challenges. While many of the fiscal challenges facing the City are not in its direct control — including the continued influx of asylum seekers, elevated demand for City programs due to an uneven recovery and the potential for federal and State actions that could further pressure City finances — preparation remains paramount to navigating this uncertainty.

The Division of the Budget’s State Fiscal Year (SFY) 2023-24 Enacted Budget Financial Plan shows looming budget gaps totaling $36.4 billion through SFY 2026-27. The deteriorating fiscal outlook is rooted in several factors, including anticipated revenue declines from a weakening economy and a volatile stock market, and increases in recurring spending. State leaders must take action to align recurring revenues with recurring spending, with an eye toward preserving the economic competitiveness of our State and equality of opportunity for all New Yorkers.