According to the monthly cash report released today by State Comptroller Thomas P. DiNapoli, significant revenue declines occurred for New York in April as a result of the COVID-19 pandemic and the three month extension of the state income tax filing deadline. All governmental funds monthly tax receipts totaled $3.7 billion, falling $7.9 billion or 68.4 percent from April 2019.
The state’s Enacted Budget Financial Plan anticipates a dire fiscal outlook in State Fiscal Year (SFY) 2020-21 and projects sweeping budget cuts that could affect essential services provided by the state, schools and local governments, according to an analysis released today by State Comptroller Thomas P. DiNapoli.
New York State Comptroller Thomas P. DiNapoli announced today the following audits have been issued.
In March, the Office of the State Comptroller approved 1,644 contracts for state agencies and public authorities valued at $3.4 billion and approved approximately four million payments worth more than $23.5 billion. The Office rejected 103 contracts and related transactions valued at $180 million and nearly 9,500 payments valued at more than $41.4 million. More information on these contracts and payments is available at www.openbooknewyork.com.
New York State Comptroller Thomas P. DiNapoli today announced that the New York State Common Retirement Fund (the Fund) is putting $50 million toward the federal Paycheck Protection Program (PPP), a component of the latest coronavirus relief package. Under the PPP, employers can secure loans that will be forgiven by the federal government if employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
The New York State Common Retirement Fund and The Church Commissioners for England have today written an open letter to ExxonMobil shareholders in advance of the ExxonMobil annual shareholders’ meeting, which takes place on May 27, 2020, in Dallas, Texas. The open letter calls on shareholders to join the two institutions, who lead engagement with ExxonMobil as part of the Climate Action 100+ initiative, and make clear, via their voting, that the time has come for change in the governance and strategy of the corporation.
New York State Comptroller Thomas P. DiNapoli today applauded Governor Cuomo’s Executive Order waiving the statutory 15-day waiting period before a public employee’s service retirement can take effect. DiNapoli requested the Executive Order in order to safeguard benefits for families who may lose a loved one to COVID-19 before their service retirement can be made official. The Executive Order applies to member of the New York State and Local Retirement System.
The coronavirus pandemic has caused extraordinary economic challenges in New York with punishing, still-evolving impacts on public health, jobs, the economy and state finances. As a result, the enacted state budget leaves greater uncertainty for school districts, health care providers and local governments this year than ever before, according to a report released today by New York State Comptroller Thomas P. DiNapoli.
New York State Comptroller Thomas P. DiNapoli announced today the following audits have been issued.
According to a report released today by State Comptroller Thomas P. DiNapoli, New York closed out the state fiscal year on March 31 with cash-on-hand in the General Fund of $8.9 billion, or $2.4 billion above projections. The state will face cash flow challenges as soon as next month due to billions in state aid payments for health and education, delayed state tax revenues and additional spending to fight the coronavirus.
