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DiNapoli Releases Bond Calendar for Fourth Quarter
New York State Comptroller Thomas P. DiNapoli today announced a tentative schedule for the planned bond sales for the state, New York City and their major public authorities during the fourth quarter of 2020.
The planned sales of $6.28 billion include $4.98 billion of new money and $1.3 billion of refundings and reofferings as follows:
DiNapoli: Westchester Sisters Admit to Stealing $22,000 of Deceased Mother's Pension Payments
State Comptroller Thomas P. DiNapoli and Westchester County District Attorney Anthony A. Scarpino, Jr. announced the convictions of Annette Bigelow, 60, and Mary Nash, 59, who hid their mother’s death to collect nearly $22,000 in her state pension payments from 2013 to 2015. The two Westchester County residents each pleaded guilty to one count of felony grand larceny in the fourth degree.
2020 Financial Condition Report
For Fiscal Year Ended March 31, 2020
Data Sources
- Center for the Study of Education Policy, Illinois State University
- City of New York Department of Correction
- City University of New York
- Federal Reserve Bank of New York
- Fitch Ratings
- IHS Markit
- Internal Revenue Service
- Moody’s Investors Service
- National Association of State Budget Officers
- NYC Office of Management and Budget
- NYS Department of Agriculture and Markets
- NYS Department of Corrections and Community Supervision
- NYS Department of Environmental Conservatio
2020 Financial Condition Report
For Fiscal Year Ended March 31, 2020
Appendix 3: State Receipts by Major Source
2020 Financial Condition Report
For Fiscal Year Ended March 31, 2020
Appendix 2: Federal Funds Spending by Major Function
2020 Financial Condition Report
For Fiscal Year Ended March 31, 2020
Appendix 1: State Funds Spending by Major Function
2020 Financial Condition Report
For Fiscal Year Ended March 31, 2020
Implications for the Future
The Economic Outlook: Extraordinary Uncertainty
Over the course of the national economic expansion from mid-2009 to February 2020, New York State’s job growth lagged the nation. In addition, employment trends were uneven across the State. While New York City experienced relatively robust job creation, most upstate regions saw more modest, if any, net employment gains.
2020 Financial Condition Report
For Fiscal Year Ended March 31, 2020
Taxes
Reported State Tax Collections Increased in State Fiscal Year (SFY) 2019-20
- In SFY 2019-20, reported New York State tax collections increased by 9.7 percent, reflecting factors including:
- Taxpayer behavior in response to the federal Tax Cuts and Jobs Act (TCJA) that went into effect on January 1, 2018, which reduced receipts in SFY 2018-19;
- Continuing economic growth through most of SFY 2019-20; and
- Enhanced collection of sales taxes on Internet purchases.
- The combined federal, State and local tax burden in New York
2020 Financial Condition Report
For Fiscal Year Ended March 31, 2020
Economic and Demographic Trends
Employment Statewide Rose in 2019; Three Regions Lost Jobs
- In calendar year 2019, the State added over 100,000 jobs, an increase of 1.0 percent compared to national employment growth of 1.4 percent.
- New York ranked 20th among the states for job growth in 2019 and 15th for the five years ending in 2019.
- The State’s unemployment rate declined from 4.1 percent in 2018 to 4.0 percent in 2019.
- In 2019, the highest rate of employment growth was in education and health services, with an increase of 2.8 percent.