Unrestricted state aid for cities, towns and villages has remained flat or declined over the last decade, according to a report issued today by New York State Comptroller Thomas P. DiNapoli. When adjusted for inflation, unrestricted aid to local governments has actually declined by 24% since 2011, when the state’s real property tax cap was enacted.
Corporate accountability is key to sustainable investments.
Comptroller DiNapoli hosted his 10th annual Lunar New Year event in celebration of the Year of the Tiger with prominent Asian Americans who work tirelessly to better their communities and the State of New York. This year’s honorees included Kevin Kim, Commissioner of Small Business Services; Prisca Bae, Vice President and Head of Partnerships at The Asian American Foundation; Dr. Anthony Shih, President of the United Hospital Fund; and Eugene Noh, Political Director of the Retail, Wholesale & Department Store Union.
Local government sales tax collections totaling $19.6 billion increased by 19.1%, or $3.1 billion, in 2021 compared to last year. This was the highest annual increase on record after a historic low in 2020 when local sales tax collections declined by 10%. Annual growth in 2019 was 4.7%.
Although the Division of the Budget forecasts in the State Fiscal Year 2022-23 Executive Budget that the budget will remain in balance for the next five years, the direction of the pandemic, inflation, and supply chain issues all remain risks to the state’s economic recovery and financial plan. The budget also proposes billions of dollars in spending that would bypass critical oversight if enacted.
New York State Comptroller Thomas P. DiNapoli today announced the following audits were issued.
NYS on solid fiscal footing; pandemic poses risks to economic recovery and financial plan.
Local government sales tax collections totaling $19.6 billion increased by 19.1%, or $3.1 billion, in 2021 compared to last year, according to a report released today by New York State Comptroller Thomas P. DiNapoli. This was the highest annual increase on record after a historic low in 2020 when local sales tax collections declined by 10%. Annual growth in 2019 was 4.7%.
The New York State Common Retirement Fund (Fund) will restrict investments in 21 shale oil and gas producing companies, including Pioneer Natural Resources Co., Hess Corp. and Chesapeake Energy Corp., that have failed to demonstrate they are prepared for the transition to a low-carbon economy, New York State Comptroller Thomas P. DiNapoli, trustee of the Fund, announced today.
The New York State Common Retirement Fund’s (Fund) estimated return in the third quarter of the State Fiscal Year (SFY) 2021-22 was 4.74% for the three-month period ending Dec. 31, 2021, according to New York State Comptroller Thomas P. DiNapoli. It ended the quarter with an estimated value of $279.7 billion.
