Historic relief funds from the federal government, provided in response to the COVID-19 pandemic, boosted New York’s per capita balance of payments from Washington from second-to-last in federal fiscal year 2019 to 40th in 2020. During this period, New York received $1.59 for every tax dollar paid to Washington, an increase from 91 cents from the prior year, but still below the national average of $1.92.
See how the COVID-19 pandemic has impacted key industries in NYC.
New York State Comptroller Thomas P. DiNapoli today announced the following audits were issued.
The board did not adopt realistic and appropriate budgets, and the town’s preliminary budgets for 2017-2020 fiscal years did not include the fund balance estimates required by Town Law.
Historic relief funds from the federal government, provided in response to the COVID-19 pandemic, boosted New York’s per capita balance of payments from Washington from second-to-last in federal fiscal year (FFY) 2019 to 40th in FFY 2020 among states, according to a report released by New York State Comptroller Thomas P. DiNapoli. New York received $146 billion, or $7,236 per capita, more in federal spending than residents paid in total taxes to the federal government in FFY 2020.
The COVID-19 pandemic hit New York City particularly hard, causing massive job losses at major employers such as restaurants, hotels and retail stores. These dashboards follow a series of reports released over the past two years tracking economic data and the effect of the pandemic on these critical sectors and will help identify areas of weakness as well as positive developments.
New York State Comptroller Thomas P. DiNapoli has directed staff to prohibit all new investments in Russian companies and to review the New York State Common Retirement Fund’s (Fund) current investments and assess whether they present financial risks that warrant further restrictions or divestment. He is also reaching out to the Fund’s investment managers to urge them to conduct a similar examination to mitigate investment risk and minimize market impact.
In January, the Office of the State Comptroller approved 1,323 contracts for state agencies and public authorities valued at $3.3 billion and nearly 1.9 million payments worth nearly $11 billion. The office rejected 69 contracts and related transactions valued at $109.5 million and more than 3,400 payments valued at nearly $7.6 million, primarily for mistakes, insufficient support for charges, and improper payments. More information on these contracts and payments is available at Open Book New York.
New York State Comptroller Thomas P. DiNapoli issued the following statement today on the MTA’s February Financial Plan:
“The MTA’s February Financial Plan underlines the seriousness of the situation the authority – and the state and city – face in dealing with upcoming fiscal challenges. The plan acknowledges that each of the next three years will be balanced with the use of one-time federal relief and most concerningly, in 2025, with deficit financing. The idea that it will be years before the MTA needs to find a solution to its structural imbalance is troubling.
