Cost containment actions in the State Fiscal Year (SFY) 2011-12 Enacted Budget, including spending caps for State-funded Medicaid and school aid, have greatly reduced the structural deficit that has long plagued the State.
New York is embarked on a new era of State and local fiscal policy. The State is working to resolve longstanding budgetary problems through ambitious policy changes, the full impacts of which will become clear only over time.
Midway through the current fiscal year, tax revenue trends in New York State are running below projections, signaling the need for careful monitoring by State officials and policy makers over the next six months.
This Report on Estimated Receipts and Disbursements for State Fiscal Year (SFY) 2012-13 through SFY 2014-15, issued pursuant to Chapter 1 of the Laws of 2007, is intended to enhance analysis and discussion of the State’s economic condition and the State Budget.
The State Fiscal Year (SFY) 2013-14 Executive Budget continues the State’s effort to move toward long-term structural balance.
New York State's Enacted Budget for the 2013-14 State Fiscal Year (SFY) reflects a continuing effort by the Executive and the Legislature to restrain spending, while holding projected gaps for the next three years to more manageable levels than has been the case over most of the past decade.
State Fiscal Year (SFY) 2012-13 brought serious budgetary challenges, including the second most expensive storm to hit the United States and a still-slow recovery from the worst economic downturn since the Great Depression.
After many years of structural budgetary imbalance, New York State has made strides toward achieving equilibrium between recurring revenues and ongoing expenditures.
The State’s All Governmental Funds tax collections through the first quarter of the 2013-14 fiscal year were $321 million higher than projected in this year’s Enacted Budget Financial Plan.
Midway through State Fiscal Year (SFY) 2013-14, overall tax collections are slightly below the latest Division of the Budget (DOB) projections included in the First Quarter Update to the SFY 2013-14 Enacted Budget Financial Plan.
