Reports

New York’s Alexander Hamilton played a central role among our nation’s Founders, as the Broadway musical bearing his name reminds us. One of the questions Hamilton analyzed as he sought to build support for a stronger central government was the potential for “inequality among the States” in paying federal taxes. Well over two centuries later, that issue remains a national concern.

Data Visualization | Excel file with supporting data

The national economy has now been growing for more than a decade – a lengthy expansion, by historical standards. While we have no way of knowing exactly when that will change, we can be sure that at some point a downturn will come. When that happens, the State must be prepared to safeguard essential services and avoid undesirable tax increases.

This Report on Estimated Receipts and Disbursements for State Fiscal Year (SFY) 2019-20 through SFY 2021-22, 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.

The Comprehensive Annual Financial Report for the New York State and Local Retirement System (the System or NYSLRS) 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.

The New York State Finance Law was amended in 2015 by adding a new section 8-c, which provides for the establishment of a statewide electronic system to help detect and prevent fraud, waste, and abuse in government spending and avoid improper payment of public moneys.

The Comprehensive Annual Financial Report for the State of New York for the fiscal year ended March 31, 2019.

On any given day, millions of New Yorkers ride the subway or drive on public roads; public school buildings and facilities on college campuses open their doors to students across the State; essential services are provided at water plants, other environmental facilities and in homes for developmentally disabled individuals and psychiatric centers; individuals reside in publicly-supported housing; and citizens enjoy the outdoors at public parks.

The integral role of farming in New York State’s history, economy and quality of life is effectively enshrined in Article XIV of the State Constitution.

Nonprofit organizations, large and small, provide a multitude of services throughout New York State. Many nonprofits deliver essential services on behalf of the State and other governmental entities, including health care, social welfare, care for the disabled, education and more. 

New York State continues to benefit from a historically long national economic expansion, now extending a full decade. The Division of the Budget (DOB) projects healthy growth in tax receipts and federal aid for the current fiscal year.

The New York State Common Retirement Fund continues to build on its efforts to integrate sustainability concepts into its investment strategy

As Comptroller of New York State and Trustee of the Common Retirement Fund (CRF), I am deeply concerned about the impact of climate change on the Fund’s investments, as well as its impact on the economy as whole.

After almost a full decade of U.S. economic expansion, too many New Yorkers still face real challenges making ends meet. One clear sign of this troubling reality is the millions of renters and homeowners in our State who struggle with high housing costs.

Of the total contracts, 2,149 (47 percent) were processed after their start or renewal dates. This is a reduction from 2017, when 54 percent were reported late. This continues a decline in the percentage of late contracts from the five-year high of 77 percent in 2014.

The New York State Minority- and Women-Owned Business Enterprise (MWBE) Asset Management and Financial Institution Strategy (Chapter 171, Laws of 2010) was enacted to codify and replicate best practices for providing MWBEs that are asset managers, investment banks and financial and professional service providers with the opportunity to offer services to fiduciary-controlled entities established by New York State law.

In order to ensure contractors doing business with New York State are paid timely, Article 11-A of State Finance Law prescribes timeframes for agencies to prepare and submit vouchers to the Office of the State Comptroller (OSC) for review and approval before payment.

The Office of the State Comptroller received 19,651 contract transactions, including both new contracts and contract amendments, valued at $70.87 billion in the 2018 calendar year. The average time from agency contract submission to final sign-off was 6.3 days.

In 2018, OSC completed 18 audits of expenses submitted to SED by special education providers and one school-age special education provider. These audits have cumulatively identified almost $14.8 million in recommended disallowances, or almost 4 percent of the total claimed expenses of $372 million for the audit period. 

Statement of Anastasia Titarchuk, Interim Chief Investment Officer, New York State Common Retirement Fund.