Reports

New York State’s total employment count hit an all-time high of more than 9.8 million in February, reflecting net gains of nearly 2 million jobs since April 1996. 

Sales tax collections for local governments in July totaled $1.3 billion, or $116 million less than in July 2019.

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Nearly three-quarters of New York State small businesses received assistance in recent months through the federal government’s Paycheck Protection Program (PPP), according to Census Bureau survey data for the week ending June 27.

The economic, social and budgetary fallout from the COVID-19 pandemic on New York City has been unprecedented, while the loss of life has been unimaginable. Restrictions put in place to slow the spread of the disease triggered a national recession. In New York City, job losses in March and April were the largest since the Great Depression.

Sales tax revenue for local governments in the second quarter of 2020 totaled $3.3 billion, a decline of $1.2 billion compared to the same period last year. 

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Approved payments to New York recipients for Unemployment Insurance totaled $32.1 billion from March 1 through July 17, with steep increases in payments following the onset of the pandemic.

Guarding against the investment risks presented by climate change while preparing for the transition to a low-carbon economy is central to Comptroller DiNapoli’s work as trustee of the New York State Common Retirement Fund, one of the largest public pension funds in the country.

The report summarizes most recently completed data (fiscal year ending 2018) found in these annual reports. In addition to reviewing IDA data, the Office of the State Comptroller (OSC) provides training to IDA officials on various topics, including recent legislative reforms and how to improve their compliance with reporting requirements. 

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As was widely reported, New York’s unemployment rate has soared upward in recent months, with May's 14.5 percent nearly four times the 3.7 percent in February. But that rate is only one measure of the impact of lost jobs.

Our State’s local governments are being tested on many fronts as a result of the COVID-19 Pandemic. This report will examine some of the major risks to these revenue sources, the dependence of local governments on each, and the effects of federal government actions to help keep local governments afloat thus far.

The New York State Common Retirement Fund (Fund) is one of the largest public pension funds in the nation, with assets held in trust for the benefit of the more than one million members and pensioners of the New York State and Local Retirement System (System). The System is widely regarded as one of the nation’s best-managed and best funded public pension plans.

Sales tax revenue for local governments in May totaled $918 million, or $437 million less than 2019. The sharp decline in revenues was widespread around the state, ranging from a drop of 19.5 percent in Westchester County to a 41.5 percent decline in Tioga County. 

Of the total contracts, 2,276 (50 percent) were processed after their start or renewal dates. This is an increase from 2018, when 47 percent were reported late. The trend bears watching; the State must avoid further regression toward the ten-year high of 87 percent late in 2013.

In order to ensure contractors doing business with the 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.

New York City has been the epicenter of the novel coronavirus pandemic in the United States. The economic, social and budgetary impacts have been unprecedented, while the loss of life has been unimaginable.

New York State has experienced difficult budgets many times over its history. Seldom if ever, however, has the State faced the level of economic and revenue challenges identified in this year’s Enacted Budget Financial Plan as a consequence of the COVID19 pandemic.

In 2019, OSC completed 18 audits of expenses submitted to SED by preschool special education providers. These audits have cumulatively identified almost $11.2 million in recommended disallowances, or almost 11 percent of the total expenses of $103.5 million for the audit period. 

Plummeting sales tax collections were widespread, leaving counties, cities and some other local governments short by about $327 million compared to last year. Although the first quarter of 2020 was relatively strong, March sales tax collections had already begun to show the impact of the COVID-19 shutdown–a decrease of 3.7 percent statewide with the largest declines downstate. The April figures show shrinking revenues for local governments throughout the state. 

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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.

New York State local sales tax collections in the first quarter (January-March) of 2020 totaled $4.4 billion. This was an increase of 4.6 percent over the same period last year, mostly reflecting sales made before the statewide implementation of business and office closures and social distancing policies in reaction to the COVID-19 pandemic.