The Office of the State Comptroller prepares this report as part of the "Quick Start" process established in the State Finance Law. The report includes revenue and spending projections through SFY 2026-27.
New York State Comptroller Thomas P. DiNapoli today announced the following school audits were issued.
Inadequate oversight of a New York City rental assistance program is leading to significant delays in finding permanent housing for homeless people and those at risk of homelessness, according to an audit released today by New York State Comptroller Thomas P. DiNapoli. The audit found the New York City Department of Social Services (DSS) is not properly managing the City Fighting Homelessness and Eviction Prevention Supplement (CityFHEPS) program.
New York State Comptroller Thomas P. DiNapoli, as trustee of the New York State Common Retirement Fund (Fund), has been appointed lead plaintiff in a securities fraud class action lawsuit filed against the global cybersecurity company Crowdstrike Holdings Inc.
Audit Finds Rental Assistance Program Plagued with Problems While Costs Grow
Local government sales tax collections in New York State totaled $5.98 billion in the third calendar quarter of 2024, up 1.4 percent (or $82.7 million) compared to the same quarter last year. Statewide local collections this past quarter continued a general trend of declining growth that followed a post-pandemic spike. In fact, the third quarter’s 1.4 percent growth was the lowest quarterly year-over-year increase following the pandemic-induced declines.
Local government sales tax collections totaled $5.98 billion in the third calendar quarter (July-September) of 2024, an increase of 1.4%, or $82.7 million, compared to the same quarter last year, according to a report released today by State Comptroller Thomas P. DiNapoli. Eight of the 10 regions in the state, including New York City, saw collections rise.
In September, the Office of the State Comptroller approved 1,661 contracts for state agencies and public authorities valued at $1.9 billion and approved more than 2 million payments worth nearly $15.9 billion. The office rejected 210 contracts and related transactions valued at $298.1 million and nearly 3,200 payments valued at more than $6.4 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.
Projected Budget Gaps Jump from $211M to $652M
After a brief period of financial stability secured by an infusion of State funds last year, the Metropolitan Transportation Authority (MTA) now faces growing fiscal uncertainties and risks that create projected budget gaps. Those gaps could grow much wider if various budget risks that the MTA has identified come to pass. A faster-than-expected return of ridership remains one of the key means for improving the fiscal stability of the system and highlighting the importance of continued investment in the assets of the system.
