IDAs are important for economic development in the State, but local officials need to improve their scrutiny over projects so that taxpayers know if their community is receiving promised jobs and economic benefits. Recent audits have found deficiencies in IDA processes for approving and monitoring projects, as well as for recouping benefits from projects that have failed to meet their goals.

In the first half of 2015, total local sales tax collections in New York State grew by only about half of the 3.0 percent growth seen in all of 2014 and nearly two thirds less than the 4.2 percent average annual growth experienced over the previous 15 years. Sales tax revenue declined in half of the regions in the State, with the sharpest decline being in the North Country, which saw a 2.5 percent drop.

While trends in both new foreclosure filings and the total number of pending foreclosure cases indicate that the problem is far from resolved, there are small signs of improvement.

Declining trends in the horse racing industry and an increase in gaming options have taken their toll on OTBs. With the advent of commercial casinos in the State, policymakers have an opportunity to re-examine the viability of OTBs and how they fit into State-authorized gambling.

Total local sales tax collections in New York State grew by $552 million, or 3.6 percent, from 2014 to 2015 This was stronger than the 3.0 percent increase in the prior year. New York City sales tax collections grew by 7.3 percent, or $487 million, about half of which was due to an adjustment for incorrect payments in previous years. Excluding New York City, growth in local sales tax collections was 0.7 percent, with 30 of 57 counties outside of New York City having declines in their 2015 sales tax collections.

This brief focuses on prolonged foreclosure activity in New York State and the challenges facing local governments and communities in the wake of the foreclosure crisis.

The economic outlook contained in the Governor’s Executive Budget proposal for State Fiscal Year 2021-22, released this week, anticipates continuing but slow improvement for employment and other economic indicators, as well as tax revenues.

This report provides an analysis of annual financial data reported to the Office of the State Comptroller and the Authorities Budget Office by IDAs for fiscal year 2014, discusses regional impacts and highlights a new law championed by Comptroller DiNapoli, which increases transparency in IDA operations.

Economically, the Mid-Hudson region is relatively prosperous: county median incomes and property values are both well above the State and national averages as are the costs of living and doing business there. Current unemployment is below 5 percent in most of the counties, with a significant number of residents commuting to New York City. Recent economic development efforts have focused on attracting biotechnology and other high-tech manufacturing and on activities that take advantage of the region’s extensive road systems and generally well-developed infrastructure.

Total local sales tax collections grew by 1.7 percent or $130 million in the first half of 2016, compared to the first half of 2015.