Prompt Payment Interest Report: State Fiscal Year 2021-22, May 2022
For State Fiscal Year (SFY) 2021-22, agencies paid vendors $1,005,376 in interest, a decrease of $445,842 (approximately 31 percent) from SFY 2020-21.
New York State
MWBE 2021-2022 Fiscal Year Report, May 2022
The New York State Minority- and Women-Owned Business Enterprise (MWBE) Asset Management and Financial Institution Strategy (Chapter 171, Laws of 2010) was enacted to codify and replicate best practices for providing MWBEs that are asset managers, investment banks and financial and professional service providers with the opportunity to offer services to fiduciary-controlled entities established by New York State law.
Independent Oversight: OSC's Contract Review Safeguards Public Funds, May 2022
The Comptroller is responsible for ensuring State and local governments use taxpayer money effectively and efficiently, including through the review of contracts. This year’s State budget allowed at least $11 billion in spending without a competitive process or the benefit of an OSC review. OSC’s oversight adds tremendous value, and contract review was completed in an average of just 5.3 days in 2021. A bill to statutorily restore certain OSC oversight authority for billions of dollars in contract spending should be enacted in this legislative session.
Moving In or Moving Out? New York State Personal Income Taxpayer Migration Trends
The personal income tax (PIT) is the single largest source of revenue for the State of New York, accounting for two out of every three tax dollars collected by the State. Accordingly, the State’s overall financial health and its ability to sustain investments in public services is linked to PIT collections. This report describes recent trends in personal income taxpayer filings between 2015 and 2019.
State Fiscal Year 2022-23 Enacted Budget Analysis
Historic federal aid and better-than-expected revenues allowed for a steep increase in spending in the Enacted Budget. However, sustaining new recurring commitments over a longer time period may be difficult as new economic risks emerge, federal funding is spent down, and temporary tax revenues sunset. Bolstering reserve funds is essential for ensuring services New Yorkers rely on can be preserved through economic challenges and fiscal uncertainties.
State Contract and Payment Actions in March
In March, the Office of the State Comptroller approved 1,950 contracts for state agencies and public authorities valued at $3.6 billion and approved nearly 3.7 million payments worth nearly $35.1 billion. The office rejected 147 contracts and related transactions valued at $1.4 billion and more than 9,100 payments valued at more than $30.9 million, primarily for mistakes, insufficient support for charges, and improper payments. More information on these contracts and payments is available at Open Book New York.
DiNapoli Op-Ed in Crain's New York Business
Crain’s New York Business published an op-ed from New York State Comptroller Thomas P. DiNapoli today on the need for greater transparency and accountability in budgeting for the use of federal relief funds. The full op-ed is below:
What Are New Yorkers Getting From Federal Covid Relief Funds?
The new state budget reflects robust tax revenue growth and an unprecedented infusion of federal money.
DiNapoli Statement on Amazon's Agreement to Conduct an Independent Racial Equity Audit
New York State Comptroller Thomas P. DiNapoli issued the following statement today following Amazon’s agreement to conduct and publicly release an independent racial equity audit, led by former U.S. Attorney General Loretta Lynch, that will look into “disparate racial impacts” from its employment practices on its hourly workers. As a result of the agreement, DiNapoli and the New York State Common Retirement Fund will withdraw the shareholder proposal they had filed for consideration at Amazon’s annual meeting on May 25.
DiNapoli: Weak Oversight Leads to Tax Breaks for Ineligible Properties
The New York State Department of Environmental Conservation’s (DEC) inadequate monitoring and enforcement has resulted in landowners enrolled in two private forest conservation programs receiving property tax exemptions of up to 80% for which they may be ineligible, according to an audit by New York State Comptroller Thomas P. DiNapoli.
DiNapoli: State Pension Fund Calls on Corporations to Address Environmental and Climate Risks
New York State Comptroller Thomas P. DiNapoli today announced that, as a result of recent shareholder proposals he has filed on behalf of the New York State Common Retirement Fund (Fund), companies are taking action to address investment risks posed by climate change and impacts of environmental justice.