Reports

New York City, like the nation, has been built by immigrants. People from around the world have come to New York City seeking the freedoms and opportunities woven into the American dream.

The fiscal relationship between the federal government and the states has been a topic of debate since the founding of our nation.

Excel file with supporting data

The State’s cash position continues to improve, as illustrated by the $10.7 billion balance in the General Fund through the middle of State Fiscal Year (SFY) 2015-16.

Between 1990 and 2014, the Hispanic and Latino population in New York State grew by 66 percent, reaching nearly 3.7 million (19 percent of the population). Nearly half of Hispanic New Yorkers (including Latinos) were born in New York State, and more than three-quarters are United States citizens by birth or naturalization.

In the seven years since the 2008 financial crisis, regulations designed to increase stability and transparency in the financial system have changed the way the securities industry operates.

The State Health Innovation Plan, New York’s roadmap for achieving the “Triple Aim” of better care, better population health and lower health care costs, describes the prevalence of diabetes as “arguably our biggest looming health challenge.”

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, 2015.

On July 22, 2015, the Metropolitan Transportation Authority (MTA) released a preliminary budget for 2016 and an associated financial plan (the “July Plan”). The July Plan shows that the short-term outlook for the MTA’s operating budget has improved with the economy, but the 2015-2019 capital program still has a $9.8 billion funding gap.

After closing deep projected budget gaps just a few years ago, New York State has continued to improve its short-term financial condition. The State's General Fund ended SFY 2014-15 with its highest closing fund balance in at least two decades, thanks in large part to an extraordinary inflow of one-time resources from financial settlements.

Declining trends in the horse racing industry and an increase in gaming options have taken their toll on OTBs. With the advent of commercial casinos in the State, policymakers have an opportunity to re-examine the viability of OTBs and how they fit into State-authorized gambling.

In September 2015, OSC released the third annual set of Fiscal Stress Monitoring System (FSMS) scores for all municipalities that have fiscal years that operate on a calendar year basis. This includes all 57 counties outside of New York City, all 932 towns in the State, 44 cities and 10 villages – a total of 1,043 municipalities. Since the FSMS now encompasses three years of data for these "calendar year" municipalities, it is possible to start to discern trends in the financial performance of these local governments. 

The Comprehensive Annual Financial Report for the State of New York for the fiscal year ended March 31, 2015.

While trends in both new foreclosure filings and the total number of pending foreclosure cases indicate that the problem is far from resolved, there are small signs of improvement.

Six years after the end of the Great Recession, economic growth continues across the United States and in New York. The State has enjoyed four consecutive calendar years of comparatively steady job gains after suffering a recessionary decline in 2009 and only slight growth in 2010.

On June 26, 2015, the City of New York submitted to the New York State Financial Control Board a four-year financial plan (the “June Plan”) covering fiscal years 2016 through 2019. The June Plan projects a balanced budget for FY 2016 and manageable out-year budget gaps. In addition, the City has been increasing its reserves, which could cushion the impact of an adverse budgetary development.

Based on Consumer Price Index data, the downward trend in inflation means that local governments operating on a December 31 fiscal year end will see the inflation factor decrease to 0.73 percent, causing a significant reduction over prior years in the allowable levy growth factor, an important component of their tax cap calculation. OSC estimates that these calendar year local governments will have roughly $135.1 million less than they would have had if the factor was at 2 percent.

In the first half of 2015, total local sales tax collections in New York State grew by only about half of the 3.0 percent growth seen in all of 2014 and nearly two thirds less than the 4.2 percent average annual growth experienced over the previous 15 years. Sales tax revenue declined in half of the regions in the State, with the sharpest decline being in the North Country, which saw a 2.5 percent drop.

County-by-county data - pdf 

Long Island utility customers have long paid some of the highest electricity prices in the country. Residents and businesses in the region have raised concerns about such costs, as well as management practices of the Long Island Power Authority (LIPA).

On May 7, 2015, the City of New York submitted to the New York State Financial Control Board a revised financial plan (the “May Plan”) covering fiscal years 2015 through 2019. Despite the cost of new labor agreements and large increases in agency and capital spending, the May Plan projects a surplus of $3 billion for FY 2015, a balanced budget for FY 2016 and manageable out-year budget gaps.

Washington Heights and Inwood extend from 155th Street in Manhattan to the northern tip of the borough. The area has a rich history, and immigrants account for nearly half of the population.

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