Reports

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.

This report by the Office of the State Comptroller on use of overtime by New York State agencies examines patterns over the past nine calendar years. The total cost of overtime in calendar year 2015 was more than $716 million covering roughly 16.8 million overtime hours worked.

On November 12, 2015, the City of New York submitted a revised four-year financial plan (the “November Plan”) covering fiscal years 2016 through 2019 to the New York State Financial Control Board. The November Plan reflects relatively small technical adjustments since the budget was adopted in June 2015.

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.

The fiscal relationship between the federal government and the states has been a topic of debate since the founding of our nation.

Excel file with supporting data

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.

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, 2015.

On July 22, 2015, the Metropolitan Transportation Authority (MTA) released a preliminary budget for 2016 and an associated financial plan (the “July Plan”). The July Plan shows that the short-term outlook for the MTA’s operating budget has improved with the economy, but the 2015-2019 capital program still has a $9.8 billion funding gap.

After closing deep projected budget gaps just a few years ago, New York State has continued to improve its short-term financial condition. The State's General Fund ended SFY 2014-15 with its highest closing fund balance in at least two decades, thanks in large part to an extraordinary inflow of one-time resources from financial settlements.

In September 2015, OSC released the third annual set of Fiscal Stress Monitoring System (FSMS) scores for all municipalities that have fiscal years that operate on a calendar year basis. This includes all 57 counties outside of New York City, all 932 towns in the State, 44 cities and 10 villages – a total of 1,043 municipalities. Since the FSMS now encompasses three years of data for these "calendar year" municipalities, it is possible to start to discern trends in the financial performance of these local governments. 

The Comprehensive Annual Financial Report for the State of New York for the fiscal year ended March 31, 2015.

On June 26, 2015, the City of New York submitted to the New York State Financial Control Board a four-year financial plan (the “June Plan”) covering fiscal years 2016 through 2019. The June Plan projects a balanced budget for FY 2016 and manageable out-year budget gaps. In addition, the City has been increasing its reserves, which could cushion the impact of an adverse budgetary development.

Based on Consumer Price Index data, the downward trend in inflation means that local governments operating on a December 31 fiscal year end will see the inflation factor decrease to 0.73 percent, causing a significant reduction over prior years in the allowable levy growth factor, an important component of their tax cap calculation. OSC estimates that these calendar year local governments will have roughly $135.1 million less than they would have had if the factor was at 2 percent.

On May 7, 2015, the City of New York submitted to the New York State Financial Control Board a revised financial plan (the “May Plan”) covering fiscal years 2015 through 2019. Despite the cost of new labor agreements and large increases in agency and capital spending, the May Plan projects a surplus of $3 billion for FY 2015, a balanced budget for FY 2016 and manageable out-year budget gaps.

In 2015, the number of counties exceeding the tax cap decreased substantially and only six counties exceeded the cap—a decrease of 54 percent from 2014. Among the counties that stayed within the tax levy limit in 2015, many have levied right up to the limit. Of these 51 counties, 23 levied taxes that amounted to 99 percent or more of their allowable tax levy limit. This may be due in part to the newly enacted Property Tax Freeze Credit.

County Tax Cap Data as of April 30, 2015 - Excel

Fiscal Stress Monitoring System (FSMS) has five categories of indicators: fund balance, liquidity, short-term debt, operating deficits, and fixed costs. These indicators contribute to a local government’s final classification of Significant Stress, Moderate Stress, Susceptible to Stress or No Designation.

IDAs are important for economic development in the State, but local officials need to improve their scrutiny over projects so that taxpayers know if their community is receiving promised jobs and economic benefits. Recent audits have found deficiencies in IDA processes for approving and monitoring projects, as well as for recouping benefits from projects that have failed to meet their goals.

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.

In the sixth year of national economic recovery, New York State’s short-term financial condition continues to improve.

Medicaid provides health insurance coverage to more than 6 million New Yorkers and is projected to cost a total of $62 billion from federal, State and local sources in State Fiscal Year 2016.