Reports

On November 21, 2013, the City of New York revised its four-year financial plan (the “November Plan”) to reflect a number of favorable developments since the FY 2014 budget was adopted in June 2013. The City now forecasts that revenues will be higher by $1.1 billion in FY 2014 (mostly from nonrecurring sources), debt service will be lower during the entire financial plan period, and recurring savings will come from a one-year freeze in employee health insurance premiums in FY 2015.

The full value of property in White Plains dropped by 29 percent between 2008 and 2013, after more than doubling from 2002 to 2008. While cities statewide show slight recovery, White Plains may find dealing with the loss of so much property value a challenge in the future.

Rye has strong public and private services, including an excellent school system, a vital retail shopping sector and recreational facilities that include parks, beaches, golf and yacht clubs, and nature centers.

This Report on Estimated Receipts and Disbursements for State Fiscal Year (SFY) 2013-14 through SFY 2015-16, issued pursuant to Section 23 of the State Finance Law (as amended by Chapter 1 of the Laws of 2007), is intended to enhance analysis and discussion of the State’s economic condition and the State Budget.

Midway through State Fiscal Year (SFY) 2013-14, overall tax collections are slightly below the latest Division of the Budget (DOB) projections included in the First Quarter Update to the SFY 2013-14 Enacted Budget Financial Plan.

In 2012, the full market value of all real property in New York State was estimated at $2.5 trillion dollars with about $826 billion exempt from one or more types of taxes. This report explores what tax exemptions are, where they are most prevalent, and what local governments may do to minimize their impact. 

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, 2013.

New York State has had a long history of structural budgetary imbalance and multibillion dollar out-year deficits. However, progress toward long-term budget balance has been made over the last three years.

This report summarizes the findings for all of the calendar year-based local governments which have been scored to date, focusing on common themes and statewide trends.

The Comprehensive Annual Financial Report for the State of New York for the fiscal year ended March 31, 2013.

Despite its strong tax base, the Town of Colonie has struggled financially in the past decade. However, between a series of property tax increases, including a one-time tax in 2009, and an arrangement to have a private contractor operate the Town’s landfill, Colonie experienced a stronger financial position at the end of 2011 than it had seen since 2002.

The State’s All Governmental Funds tax collections through the first quarter of the 2013-14 fiscal year were $321 million higher than projected in this year’s Enacted Budget Financial Plan.

After many years of structural budgetary imbalance, New York State has made strides toward achieving equilibrium between recurring revenues and ongoing expenditures.

On June 27, 2013, the City of New York submitted to the Financial Control Board a four-year financial plan (“the June Plan”) based on the adopted budget for FY 2014, which began July 1, 2013. The FY 2014 budget is balanced and maintains services at current levels without raising taxes. Although the June Plan projects modest budget gaps in future years, the City has yet to reach new labor agreements with its unions.

The decline in manufacturing has contributed to the City of Binghamton’s high rates of unemployment and poverty compared to statewide averages. The City must also contend with constraints upon its ability to raise revenues.

Many of New York’s local governments are still struggling with the effects of the recent recession. The following report takes a look at how some of the drivers of fiscal stress have affected counties, cities, towns, and villages.

The City has paid down a significant amount of debt. This, along with the City’s substantial fund balance and a large tax margin, leave Watertown well positioned to cope with current and future fiscal challenges.

On May 2, 2013, the Mayor released his executive budget for FY 2014 and the associated four-year financial plan (“the May Plan”). The May Plan reflects the estimated impact of federal sequestration, the cost of Superstorm Sandy and the enacted State budget. Although the May Plan projects modest budget gaps beginning in FY 2015, the City has yet to reach new labor agreements with its unions.

The City of Elmira has taken measures to control expenditures through management efficiencies, while still recognizing the importance of investment in infrastructure and economic development initiatives.

IDAs can assist ailing municipalities by encouraging the creation of new businesses or the retention of existing businesses. However, it is vitally important that the granting of tax exemptions for a project will generate an economic benefit in the form of well-paying jobs and/or future new revenues for local governments. In short, incentives should be coupled with performance. 

2011 Regional IDA Statistics [pdf] | 2011 Regional IDA Statistics - Jobs Created [pdf] | Economic Development Regions of NYS [pdf] | IDA Projects in 2011 [xlsx]