Message from the Comptroller
I am pleased to present the State of New York’s Financial Condition Report for the fiscal year ended March 31, 2019. New York continues to benefit from a national economic expansion that has lasted for more than a decade, however, economic risks are growing. This report can help New Yorkers better understand the State’s financial and economic condition.
Under generally accepted accounting principles (GAAP), the State reported a General Fund operating deficit of $1.3 billion as of March 31, 2019 (compared to a $2.4 billion operating surplus last year), decreasing the GAAP fund balance to $3.4 billion. This operating deficit is one indicator of the State’s structural budget imbalance.
About this Report
This report provides citizens with an overview of the financial condition of New York State. It presents selected financial, economic, and demographic information in an easy-to-understand format.