New York State

Report on the State Fiscal Year 2023-24 Executive Budget

The Executive Budget proposes $227 billion in All Funds spending in SFY 2023-24, an increase of 2.5% from the prior year. The State faces prolonged inflation, rising federal interest rates and the end of federal relief aid that was instrumental in balancing the past two budgets. As a result, the Division of the Budget projects shortfalls in revenues and increases in spending.

State Contract and Payment Actions in January

In January, the Office of the State Comptroller approved 1,801 contracts for state agencies and public authorities valued at $1.7 billion and approved more than 1.7 million payments worth more than $12.5 billion.