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Report on the State Fiscal Year 2023-24 Enacted Budget Financial Plan

The Division of the Budget’s State Fiscal Year (SFY) 2023-24 Enacted Budget Financial Plan shows looming budget gaps totaling $36.4 billion through SFY 2026-27. The deteriorating fiscal outlook is rooted in several factors, including anticipated revenue declines from a weakening economy and a volatile stock market, and increases in recurring spending. State leaders must take action to align recurring revenues with recurring spending, with an eye toward preserving the economic competitiveness of our State and equality of opportunity for all New Yorkers.

DiNapoli: State's Fiscal Outlook Declines

Just a year after the Division of the Budget forecast fiscal stability and no projected budget gaps in the State Fiscal Year (SFY) 2022-23 Enacted Budget Financial Plan, the SFY 2023-24 plan shows looming gaps cumulatively totaling $36.4 billion through SFY 2026-27. Reasons for the deteriorating fiscal outlook include declines in revenue from a weaker economic forecast, stock market volatility, and increases in recurring spending, according to a report by State Comptroller Thomas P. DiNapoli.

State Tax Receipts Exceeded Updated Projections in First Quarter, July 2023

State tax receipts totaled $27.6 billion through the first quarter of State Fiscal Year 2023-24, $450.8 million higher than estimates released in the Division of the Budget’s Enacted Budget Financial Plan. However, collections were $6.8 billion lower than last year through the quarter ending in June 2022.

DiNapoli: State Tax Receipts Exceeded Updated Projections in First Quarter

State tax receipts totaled $27.6 billion through the first quarter of State Fiscal Year (SFY) 2023-24, $450.8 million higher than estimates released in the Division of the Budget’s (DOB) Enacted Budget Financial Plan. However, collections were $6.8 billion lower than last year through the quarter ending in June 2022, according to the monthly State Cash Report released by New York State Comptroller Thomas P. DiNapoli.

DiNapoli: Tax Cap Set at 2% in 2024

Property tax levy growth will be capped at 2% for 2024 for local governments that operate on a calendar-based fiscal year, according to data released today by State Comptroller Thomas P. DiNapoli. This figure affects tax cap calculations for all counties, towns and fire districts, as well as 44 cities and 13 villages.

DiNapoli: Woman Pleads Guilty to Theft and Must Pay Back $459K in NYS Pension and Social Security Payments

State Comptroller Thomas P. DiNapoli, United States Attorney for the Northern District of Georgia Ryan K. Buchanan and Inspector General for the Social Security Administration Gail S. Ennis today announced that Sandra Smith, a resident of Georgia, has pleaded guilty to the federal crime of theft of government funds and must pay back $459,050 in New York state pension and Social Security payments that were issued to her deceased mother-in-law.