Although year-to-date collections continue to lag prior year results, tax collections through February were $758.4 million higher than forecast in the most recent Division of the Budget (DOB) update to the State Financial Plan, according to the monthly State Cash Report released today by New York State Comptroller Thomas P. DiNapoli. State tax revenues for fiscal year 2021 totaled $75 billion through the end of February.
State Comptroller Thomas P. DiNapoli today announced the details of the competitive sale scheduled for March 16 of tax-exempt and taxable New York State General Obligation bonds, totaling $635.9 million. The state expects to sell $181.1 million for new money transportation, education and environmental purposes, and depending on market conditions, $454.8 million to refund a portion of certain outstanding General Obligation bonds to reduce the state’s debt service costs.
“This is a game changer for New York. As the pandemic drags on for New Yorkers who have fallen ill, for workers who have lost their jobs, for families struggling with childcare and for small businesses desperate to stay open, we’ve received critical aid from the federal government when we need it most.
The State Department of Health (DOH) has failed to hold accountable certain health care providers including hospitals, nursing homes and individual nurses, for patient safety violations and use its power under the law to impose stronger fines. Additionally, DOH does not ensure amounts collected are directed to increase patient safety, as required, according to an audit released today by State Comptroller Thomas P. DiNapoli.
A year after the first case of COVID-19 was reported in New York State, the economic disruption caused by the pandemic remains severe. One key measure is the total number of New Yorkers claiming unemployment insurance (UI) benefits. The figure remains elevated 11 months after the initial surge of job losses, with 2.4 million claims reported by the U.S. Bureau of Labor Statistics as of mid-February 2021.
The New York State Common Retirement Fund (Fund) has reached agreements with five major U.S. companies, including Domino’s Pizza Inc., to set targets to reduce their greenhouse gas emissions (GHG), adopt new energy efficiency measures and increase their use of renewable energy, New York State Comptroller Thomas P. DiNapoli, trustee of the Fund, announced today. In response to the agreements, the Fund withdrew the shareholder resolutions with the companies.
New York State Comptroller Thomas P. DiNapoli announced today the following audits have been issued.
The Executive Budget Financial Plan for State Fiscal Year 2021-22 projects that federal operating aid spending in the current fiscal year will total $76.6 billion, an increase of 30 percent over last year. The proposed Budget assumes the State will receive at least $3 billion in unrestricted federal assistance for each of the next two fiscal years. However, that level of funding would not be enough to avert painful spending cuts to local governments, nonprofits and other service providers, or tax increases.
New York State Comptroller Thomas P. DiNapoli today said there are some positive developments for the state’s fiscal recovery from the pandemic, including higher than expected personal income tax collections and the prospect of significant aid from the federal government, in his review of the Executive Budget for State Fiscal Year (SFY) 2021-22, as amended by the Governor. However, risks remain and could threaten the state’s fragile improvement.
In January, the Office of the State Comptroller approved 1,196 contracts for state agencies and public authorities valued at $3.7 billion and approved more than 20.3 million payments worth nearly $14.9 billion. The Office rejected 108 contracts and related transactions valued at $170 million and nearly 5,500 payments valued at almost $8 million, primarily for mistakes, insufficient support for charges, and improper payments. More information on these contracts and payments is available at www.openbooknewyork.com.
