In the second quarter of 2020, total wages paid in New York State declined by $12.5 billion or 7.4 percent in comparison to the second quarter of 2019, according to new data from the U.S. Bureau of Labor Statistics (BLS).

New York has embarked on a new era. For the first time in more than a decade the people of this State are represented by all new statewide officials— Governor, Lieutenant Governor, Comptroller and Attorney General.

The appropriation and Article VII bills adopted by the Legislature pursuant to the final budget agreement represent the underlying authorization of a State budget. 

In order to facilitate the timely adoption of a State budget for the next fiscal year, Chapter 1 of the Laws of 2007 revised the existing “quick start” budget process to require the staff of the Governor, the Legislature and the Comptroller to separately prepare reports detailing receipts and disbursement estimates for the current and ensuing fiscal years.

New York State is facing a number of fiscal challenges resulting in part from economic factors beyond the State’s control. National economic growth is slowing and the risk of recession is increasing.

The Enacted Budget for State Fiscal Year (SFY) 2008-09 was passed by the Legislature in its entirety by April 9, 2008, despite tremendous economic uncertainty, declining revenue projections and the transition to a new Executive at a critical time in the budget process.

Our nation is facing very challenging times. The current economic climate, characterized by escalating fuel and food costs, ongoing volatility in the financial markets and continued weakness in the housing market, is straining budgets at every level from federal, state and local governments to individuals.

This report is the first of a series of quarterly reports that will highlight key aspects of the State Financial Plan, including variances and risks, as actual revenue and spending information is made available through the Office of the State Comptroller Monthly Cash Reports.

Over the past year, financial firms have written off hundreds of billions of dollars in bad debt, which has resulted in a loss of confidence and a destabilization of the financial markets.