The New York State Common Retirement Fund’s (Fund) estimated return in the first quarter of the State Fiscal Year (SFY) 2022-23 was -8.24% for the three-month period ending June 30, 2022, according to New York State Comptroller Thomas P. DiNapoli. The Fund ended the quarter with an estimated value of $246.3 billion.
New York City’s fiscal position has significantly improved since June 2021. However, this was mostly due to unanticipated resources generated from a combination of factors that is not likely to occur at the same level again, and some factors have already begun to reverse. Total revenues are expected to decline by 9.4 percent in FY 2023 due to lower tax revenues and federal aid for COVID-19 relief. In total, OSC calculated risks to the City’s budget that could exceed $2 billion annually by FY 2024.
Total revenue for New York City’s budget is expected to drop by 9.4% to $101.1 billion in Fiscal Year (FY) 2023 amid lower tax revenue and a decline in federal aid. The city also faces sustained challenges from a possible recession, federal monetary policy and turmoil in the financial markets, according to a report on the city’s FY 2023 financial plan released today by State Comptroller Thomas P. DiNapoli.
Local sales tax collections in New York state increased by 11.9% in July compared to the same month in 2021, according to an analysis released today by State Comptroller Thomas P. DiNapoli. Overall, local collections totaled $1.8 billion, up $188 million as compared to July of last year.
Employment and wages in the farming sector grew in 2021 to new heights.
Issued by the Office of the State Comptroller (“OSC”)
Issued: August 15, 2022
Issued by the Office of the State Comptroller
Issued August 15, 2022
New York State Comptroller Thomas P. DiNapoli today announced the following school district audits have been issued.
