Reports

The State of New York faces serious fiscal challenges. Over the next few years, the State is projected to face annual budget gaps that combine to exceed $26 billion. For too long, New York’s budgets have contained spending commitments that dramatically outpace realistic revenue growth.

The Metropolitan Transportation Authority (MTA) is facing a serious fiscal crisis.

The Comprehensive Annual Financial Report for the State of New York for the fiscal year ended March 31, 2008.

This report examines some of the various options proposed to reduce local property tax growth.

Last summer the subprime mortgage crisis sent shockwaves through the national and local economies. Over the past year, credit has tightened; financial institutions have written off more than $200 billion in bad debt and posted record losses; home values have dipped nationally and have begun to weaken in New York City; job growth has weakened; and inflation has strengthened, particularly for energy and food prices.

This report is the first of a series of quarterly reports that will highlight key aspects of the State Financial Plan, including variances and risks, as actual revenue and spending information is made available through the Office of the State Comptroller Monthly Cash Reports.

Sales taxes are an important source of revenue for New York State's local governments. This revenue stream has helped local governments cope with the rising cost of providing services and mitigate property tax increases. Sales tax revenues now exceed the real property tax as the largest revenue source for counties.

Each year in New York City, more than 100,000 public and private school children between the ages of 5 and 21 are referred (by teachers or parents) to the New York City Department of Education (DOE) to be evaluated for their needs for continued or new special education services.

Our nation is facing very challenging times. The current economic climate, characterized by escalating fuel and food costs, ongoing volatility in the financial markets and continued weakness in the housing market, is straining budgets at every level from federal, state and local governments to individuals.

Over the past 12 years, the three largest operating agencies of the Metropolitan Transportation Authority (i.e., New York City Transit, the Long Island Rail Road, and the Metro-North Railroad) paid out more than $1.1 billion on 86,875 claims for personal injury or property damage. The claims were filed by passengers, employees, motorists, and others.

Last June, New York City’s four-year financial plan was based on what appeared to be very conservative economic and revenue assumptions, given the economic environment at that time. During the summer, however, the subprime mortgage crisis sent shockwaves through the national and local economies. As a result, over the course of the current fiscal year the City revised its economic and revenue outlook to keep ahead of adverse economic developments.

The Enacted Budget for State Fiscal Year (SFY) 2008-09 was passed by the Legislature in its entirety by April 9, 2008, despite tremendous economic uncertainty, declining revenue projections and the transition to a new Executive at a critical time in the budget process.

Since the cost of electricity represents a considerable burden to local governments and their taxpayers, this report focuses on initiatives that reduce electric bills and the consumption of electricity overall, as well as the consumption of electricity generated through traditional methods.

On February 27, 2008, the Metropolitan Transportation Authority (MTA) released a proposed capital program for 2008-2013.

New York State is facing a number of fiscal challenges resulting in part from economic factors beyond the State’s control. National economic growth is slowing and the risk of recession is increasing.

This report provides an overview of financial and employment trends of the 116 active Industrial Development Agencies (IDAs) in New York State.

As previous reports by the Office of the State Comptroller have pointed out, the terms city, town and village have more to do with history than they do with present day governmental function. This report looks at urban villages as one type of municipal government that has been impacted by these historic designations.

Debt is an essential financing tool for State and local governments. The infrastructure citizens rely on—roads, bridges, schools, hospitals, universities, housing and mass transit—is made possible through the issuance of debt.

The Metropolitan Transportation Authority (MTA) operates the largest and most diverse transportation system in the nation, and keeping it secure entails significant challenges.

Average Wall Street bonuses in 2007 declined 4.7 percent from record levels in the prior year to $180,420 even though the credit crunch and market turmoil battered profits.