New York State

New York’s Economy and Finances in the COVID-19 Era (March 4, 2021)

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.

Report on the State Fiscal Year 2021-22 Executive Budget (as amended by Gov.), March 2021

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.

State Contract and Payment Actions in January

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.