Reports

The impact of the COVID-19 pandemic on school district operations has been substantial, driving unprecedented changes to many core functions and processes, including the annual school budget vote. For district-level information: http://wwe1.osc.state.ny.us/localgov/research-budget-votes/budget-votes.cfm

The COVID-19 pandemic has created a fiscal emergency for the City of New York, creating significant revenue shortfalls and increased costs associated with managing the public health crisis.

New York State’s unemployment rate dropped to 9.7 percent in September, marking the first time the rate has been below 10 percent since the beginning of the COVID-19 pandemic.

Statewide local sales tax collections in the third quarter of 2020 declined by 9.5 percent, or $452 million, over the same quarter in 2019. This decrease, while alarming in a typical year, was still a marked improvement from the 27.1 percent drop in the second quarter, which reflected the peak of the economic impact to date from the COVID-19 pandemic.

Regional Table [.xlsx]

The COVID-19 pandemic has significantly impacted the securities industry in New York City, affecting both operations and profitability.

While all states have lost employment since the COVID-19 pandemic struck earlier this year, New York surpasses almost every other in both number and percentage of job losses. 

The Metropolitan Transportation Authority (MTA) is facing the greatest challenge in its history.

New York State imposes a "general sales tax" at a single rate on most goods and some services. Counties and cities can impose their own local sales tax in addition to the State rate. This report is an update to the Office of the State Comptroller’s March 2015 publication on local government sales taxes in New York State.

The restaurant industry is essential to New York City’s social and economic fabric. From small, family-owned restaurants and food carts to four-star world-famous establishments, the City abounds with restaurants that offer cuisines from every corner of the globe.

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, 2020.

Six months into the COVID-19 recession, New Yorkers working in lower-paid sectors continue to suffer a disproportionate share of job losses statewide and especially in New York City.

This report on the use of overtime by New York State agencies examines patterns over the past ten calendar years. The total cost of overtime in calendar year 2019 was over $806 million, covering roughly 18.4 million overtime hours worked.

The 2019-20 fiscal year brought the convergence of two dramatically different periods to New York State. The nation’s longest recorded economic expansion continued to generate overall job growth through most of the fiscal year before finally ending in February, as the COVID-19 pandemic forced severe limits on business activity and significantly impacted the State’s economy.

This snapshot highlights the results for counties, cities, towns and villages that reported for local fiscal years ending (FYE) 2019. These scores, therefore, provide a baseline for local government fiscal preparedness in the period just prior to the pandemic.

While New York State has regained more than one in four of the jobs it lost in March and April, the unprecedented scale of losses due to the COVID-19 pandemic leaves a daunting path ahead for the State to climb back to pre-recession employment levels. For New York City, the picture is even more troubling.

Local government sales tax revenue declined by 7.8 percent, or $111 million, in August compared to the same month last year. 

Regional Table [.xlsx]

In March and April 2020, Congress passed four stimulus bills to address the COVID-19 pandemic’s impact on the public health system and the economy. As Congress debates additional relief measures, it is worth reviewing the targeting of the initial funding in order to inform new policy to counter the virus and its economic effects.

Even as we grapple with the serious public health and economic challenges stemming from the Covid-19 pandemic, climate change continues to represent an urgent and growing threat. 

The Comprehensive Annual Financial Report for the State of New York for the fiscal year ended March 31, 2020.

The New York State Legislature amended the State Finance Law 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 to help avoid improper payment of public moneys.