Reports

For State Fiscal Year (SFY) 2023-24, agencies paid vendors $3,960,506 in interest, a decrease of $126,774 (approximately 3 percent) from SFY 2022-23.

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.

Of the total contracts reported by State agencies in 2023, 56 percent were processed after their start or renewal dates, a decrease from 58 percent in 2022.

This report summarizes data for fiscal year 2022, the most recent data reported by IDAs through the Public Authorities Reporting Information System. The report also contains a brief discussion of local development corporations, a related type of local authority. For regional and IDA-level summary data, see our Interactive Map. For more detailed IDA and project-level data, see IDA 2022 | LDC 2022.

New York City’s tourism sector is approaching a complete recovery as visitor spending and related tax revenue have surpassed pre-pandemic levels. The City now estimates it will exceed pre-pandemic levels and welcome a record 68 million visitors by 2025. The number of visitors had reached a previous record of 66.6 million in 2019 before the COVID-19 pandemic devastated this thriving industry, resulting in a 66.5% decline in visitors to 22.3 million in 2020.

The estimated $237 billion Enacted Budget for State Fiscal Year 2024-25 increases spending for vital state services like Medicaid and school aid and includes new funding and policy changes to spur the creation of much needed housing, but the State’s financial outlook includes several risks. At the State level, certain revenue streams that have been critical to maintaining budget balance are either scheduled to expire or be depleted in the years ahead, meaning current spending levels will be difficult to sustain. Finally, the Budget also includes troubling provisions that limit transparency and accountability.

Nearly one in five New York children live in poverty, and rates are significantly higher in some of New York's largest cities. With the 2021 Child Poverty Reduction Act, New York has set a goal to reduce child poverty by 50% by 2031 and has taken action in recent State budgets. The State and federal government have the solutions to lift more children out of poverty, and policymakers should act with urgency to use them.

Local sales tax collections in New York state increased by 1.5% in April compared to the same month in 2023. Overall, local collections totaled $1.76 billion, up $26.1 million from the same time last year.

Regional Table [xlsx]

The MTA’s capital program for maintaining and upgrading the regional transit system faces significant delays due to potential funding shortfalls caused by the late implementation of congestion pricing. The MTA should explain how it intends to prioritize its needs so that its choices do not result in disinvestment in the system, noting that bringing riders back would be one of the most direct routes for the MTA to reduce its debt burden over the long term.

New York City’s full-time government workforce is expected to increase for the first-time year-over-year since the COVID-19 pandemic. However, high turnover and vacancy rates exist at several City agencies. The City should continue efforts to increase and expedite hiring where needed to ensure critical agencies and departments can meet demands and provide quality services to residents.

Food insecurity is increasing in New York, with one-in-nine households (11.3% or 875,000 families) unable to get enough food at some point during 2020 through 2022 because they lacked money or other resources. Nationally, food insecurity increased for the first time in over a decade to 11.2% during 2020 through 2022. With the end of the pandemic, many of the enhancements to federal safety net programs also ended. Additional federal and state efforts are needed to address food insecurity.

Local government sales tax collections in New York State totaled $5.6 billion in the first calendar quarter of 2024, up 1.6 percent (or $87.3 million) compared to the same quarter last year. While this marked the lowest rate of growth since the same quarter in 2021, it is important to note that where were several quarters of under 2 percent growth in the two decades prior to the pandemic. New York City’s 3.2 percent increase in first quarter collections was responsible for nearly all statewide growth. Conversely, the counties and cities throughout the rest of the State, in aggregate, experienced no growth (-0.03 percent). | Regional Table [xlsx]

New York State’s Environmental Facilities Corporation has provided financing for over 2,000 essential local water infrastructure projects totaling more than $23.7 billion since 1990, but the estimated capital improvement needs for water and sewer projects far exceeds this amount, and tens of billions of dollars in local projects remain in the pipeline. Using federal capitalization funds, New York has spent more for Clean Water and Drinking Water projects than any other State; however, the need remains significant and more can be done to reach communities which have not yet accessed funding through financing and State grants.

Historic federal pandemic relief funds, though being spent down, continued to boost New York’s balance of payments in Federal Fiscal Year 2022. For every dollar New York sent to the federal government in tax receipts, it received $1.06 back in federal spending, as compared to a national average of $1.28, ranking New York 39 out of 45 states with a positive balance of payments. This report is the eighth in a series by the Office of the State Comptroller that examines the flow of funds between the federal government and the states.

Interactive Map | Excel file with supporting data

The majority of New York City’s capital projects are over their initial budgets and behind schedule, suggesting better monitoring and reporting could lead to adjustments to improve capital project delivery. Recent reforms to the City’s capital planning process have focused on improving the delivery of projects, but little detail is available in public documentation about what is fueling these cost and schedule overruns. With closer, more uniform monitoring of capital projects, the City can better identify where additional improvement is needed.

In the throes of the economic uncertainty and fiscal turbulence caused by the COVID crisis, legislation was enacted as part of the SFY 2021-22 budget authorizing the use of State-supported bonding with final maturities up to 50 years for capital purposes for the Metropolitan Transportation Authority. This legislation has been reauthorized and proposed again in the State Fiscal Year 2024-25 Executive Budget. As we approach the State’s coming 2024-25 fiscal year, the budget proposal authorizing such 50-year borrowing should be rejected, and the State should return to long-standing bond financing norms. The budget also includes a proposal to severely restrict the State Comptroller’s terms and conditions oversight of private sales of State debt, which should be rejected.

This report examines the local government role in emergency medical services (EMS) in New York State and particularly the growing role that counties are playing in EMS provision. Declining staffing levels, increasing costs and other challenges have put pressure on the State’s EMS agencies. In many cases, counties are stepping up to help. Their EMS expenditures are growing rapidly and increasingly they are participating directly in providing EMS to their residents, either as primary responders or as back-up providers to their local EMS agencies. The current circumstances call for more State involvement to support the efforts of counties and other local governments to turn fragmented and ad hoc responses into comprehensive solutions.

Between 2013 and 2022, there was a 23% increase in the number of individuals served by the State’s public mental health system. The rising need for mental health services coincided with a loss of 990 beds, a 10.5% drop in capacity, in inpatient psychiatric facilities statewide between April 2014 and December 2023. Ensuring the availability of inpatient mental health services is a critical component of the State’s effort to address the ongoing mental health challenges facing the State and improve the lives of vulnerable New Yorkers.

The size of New York City’s immigrant workforce was flat over nearly a decade. Through 2023, the foreign-born labor market grew 18.5% since 2015 nationally, while New York City’s declined 0.6%, according to data analyzed from the Bureau of Labor Statistics. Still, in 2023, New York City’s 1.8 million foreign-born workers made up 44.3% of its total labor force, more than double the national share of 18.6%.

One Page Summary: Foreign-Born in the Workforce in NYC

The average annual Wall Street bonus dipped to $176,500 last year, a 2% decline from the previous year’s average of $180,000. Wall Street’s profits were up 1.8% in 2023, but firms have taken a more cautious approach to compensation and more employees have joined the securities industry, which accounts for the slight decline in the average bonus.