Reports

As required by Section 196 of the Navigation Law, the Comptroller prepares an annual report to the State Legislature and the Governor. The report includes: a description of the costs and damages paid by and recovered for the Fund; the monies spent pursuant to Section 186 (including amounts spent for oil spill prevention, training activities and equipment purchased), and the economic and environmental impacts on the State.

New York City’s finances continue to benefit from better-than-projected revenues and savings generated through initiatives launched in response to its financial challenges, but the continued influx of asylum seekers, elevated demand for City programs and a declining surplus demand preparation to navigate future uncertainty.

Office buildings in New York City remain a critical contributor to its economy and tax base, as market values reached nearly $205 billion in fiscal year 2025, surpassing pre-pandemic levels. Higher market values on office buildings are being fueled by growth outside of traditional Midtown office districts, including Hudson Yards, Chelsea, Union Square, Soho, Downtown Brooklyn and Long Island City.

The Climate Action Plan Progress Report for the New York State Common Retirement Fund highlights the Fund’s recent efforts to address climate risks and opportunities.

Local government sales tax collections in New York State totaled $5.83 billion in the second calendar quarter of 2024, up 2.2 percent (or $127 million) compared to the same quarter last year. While year-over-year growth in the second quarter was slightly stronger than the 1.6 percent increase seen in the first quarter, it still lagged growth rates realized after the first quarter in 2021. However, it was not unusual to see collections increase around (or under) 2 percent, year over year, in the decade before the pandemic. New York City collections grew by 3.3 percent in the second quarter, while the counties and cities throughout the rest of the State, in aggregate, experienced 1.4 percent growth, year over year. | Regional Table [xlsx]

New York’s Clean Energy Fund (CEF), established in 2016 to help New York reach its clean energy goals, has made good progress on reaching its goals for distributed solar capacity and leveraged funds, but is behind in meeting its energy efficiency targets for 2025. Since 2016, the CEF spent $3.4 billion through 2023 and has achieved 45% of its total efficiency goals.

New York City’s contract spending (excluding capital projects) has grown significantly in recent years, rising to $24.3 billion in fiscal year (FY) 2023, an increase of nearly $7 billion from FY 2019, representing an outsized share (41%) of total citywide operating spending growth in this period. Total contract spending for goods and services represented nearly 22% of operating spending in FY 2023, compared to 16% in FY 2010.

This report focuses on the condition of local bridges using data from the Federal Highway Administration’s National Bridge Inventory. New York has made progress in recent years. Since 2017, the share of local bridges in poor condition has fallen from 12.1 percent to 10.0 percent. The federal Infrastructure Investment and Jobs Act (IIJA) has directed federal funds to a variety of infrastructure projects, including bridge projects. The IIJA created the Bridge Formula Program, which provides $2.0 billion in federal funding for New York bridges from federal fiscal years 2022-2026. New York State’s Bridge NY program facilitates federally funded local bridge projects. Since 2016, Bridge NY has funded more than 800 projects with a total investment of nearly $1.7 billion. For county-level bridge data across the State, see our interactive map | download data [xlsx].

State Fiscal Year (SFY) 2023-24 was another productive year for the Office of Unclaimed Funds, returning $504 million to rightful owners.

New York’s financial outlook is in a relatively stable position, but continues to have a structural budget deficit, with a cumulative three-year budget gap of $13.9 billion forecasted by the Division of the Budget. Action is needed to align projected state spending with revenues and address factors that challenge the state’s finances, economic competitiveness, and ability to offer services effectively over the long term. While economic conditions continue to remain favorable, policymakers have an opportunity to take further steps to improve the State’s structural financial position, and to improve the performance of critical State programs.

As the largest commuter railroad in the nation, the Long Island Rail Road (LIRR) is making a steady recovery from the pandemic with growing ridership, increased service routes into the Grand Central Madison terminal and on-time performance in 2023 that was better than in 2019. Still, the LIRR had 31% more delays from train car problems last year than in 2019, showing there are still areas that can improve, such as increasing preventative maintenance of older train cars.

The tourism industry’s post-pandemic recovery is uneven across the State, with Long Island nearly at full recovery of jobs lost while the North Country and Mohawk Valley are struggling to regain their footing. Visitors flocked to outdoor destinations, with attendance at State parks 9.1% higher in 2023 over 2000, while jobs are still 4.3% below pre-pandemic levels.

Small businesses with fewer than five employees grew over 10% in New York City during the COVID-19 pandemic. Very small businesses were a key source of new economic activity during the first half of the pandemic in the city, as they accounted for more than 71% of all businesses citywide. This report details the growth in New York City’s small businesses, the industries that were most affected, and the areas, Brooklyn and the Bronx, that saw the highest increases.

Motor vehicle fatalities in New York State have risen 25.8% since 2019, with fatalities in 2022 at the highest level in a decade, even as the number of vehicle miles travelled, licensed drivers and traffic accidents have declined. State lawmakers recently enacted “Sammy’s Law,” which allows New York City to reduce speed limits in certain “safety zones” that are prone to pedestrian traffic injuries and fatalities. Such discretion could be provided to other local governments looking for ways to make their roads safer.

With the loss of $15 billion in congestion pricing revenue, the MTA has to reprioritize its 2020-2024 Capital Program. This report identifies over $21 billion in projects that potentially relied on congestion pricing revenue and are under review and suggests the Authority prioritize keeping the system in a state of good repair.

The North Shore, for many the gateway to Staten Island, has led the borough in population growth since 2010. The North Shore is located just north of the Staten Island Expressway and serves as an important freight and commuting hub. The area accounts for more than one third of the Staten Island population and its residents tend to be younger and more racially diverse than in other parts of the borough.

Local sales tax collections in New York State increased by 3.9% in May compared to the same month in 2023. Overall, local collections totaled $1.78 billion, up $66.4 million from the same time last year.

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New York State agency overtime costs in 2023 were $1.2 billion, down 11.6% from 2022, marking the first decrease in total overtime earnings since 2016. This decrease was led by three of the five largest users of overtime and was further reduced by other agencies, whose role in responding to the pandemic waned in 2023. In 2023, overtime as a share of payroll was at its second highest rate since 2007.

The Office of the State Comptroller issued five reports examining “New Yorkers in Need.” These publications provide a fact base for understanding the local and demographic variations in need; explain the implications of lived poverty, food insecurity and housing instability; and make recommendations for bolstering the federal safety net and improving State efforts.

Higher-than-projected revenue and cost-saving initiatives have helped New York City’s fiscal year (FY) 2024 budget generate a projected year-end surplus of $3.9 billion that will be used to prepay expenses for the next fiscal year, helping the City balance its FY 2025 executive budget. While some of the fiscal challenges facing the City are not in its direct control, including the continued influx of asylum seekers, preparation and transparency remain paramount to navigating future uncertainty. Ultimately, future economic growth in the City, and thereby the State, relies on enhancing affordability and opportunity for all New Yorkers.