The Executive Budget for State Fiscal Year (SFY) 2015-16 was released by the Executive on January 21, 2015. On February 20, the Executive submitted 30-day amendments to the proposed Budget.
In the sixth year of national economic recovery, New York State’s short-term financial condition continues to improve.
New York spent $143.9 billion in State Fiscal Year (SFY) 2014-15 on an All Governmental Funds (All Funds) basis, an increase of $6.4 billion or 4.6 percent from SFY 2013-14.
The State’s cash position continues to improve, as illustrated by the $10.7 billion balance in the General Fund through the middle of State Fiscal Year (SFY) 2015-16.
This Report on Estimated Receipts and Disbursements for State Fiscal Year (SFY) 2015-16 through SFY 2017-18, issued pursuant to Section 23 of the State Finance Law, is intended to enhance analysis and discussion of the State’s economic condition and the State Budget.
Growth in tax receipts and lower-than-anticipated spending through the first three quarters of SFY 2015-16 have bolstered the State’s fiscal position as it approaches a new fiscal year.
The State Fiscal Year (SFY) 2016-17 Enacted Budget includes a significant increase in school aid as well as a multibillion dollar reduction in personal income taxes to be phased in over nearly a decade.
New York State’s short-term fiscal picture has improved in recent years, thanks to factors that include an extraordinary level of one-time financial settlement resources.
New York State ended State Fiscal Year (SFY) 2015-16 in an improved fiscal position, largely reflecting an influx of non-recurring resources.
Each year when the State’s budget is enacted, much attention understandably is devoted to its immediate impact. But New York’s history shows that we also need to pay attention to the longer term.
