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.

Higher-than-projected revenue and cost-saving initiatives have helped New York City’s fiscal year (FY) 2024 budget generate a projected year-end surplus of $3.9 billion that will be used to prepay expenses for the next fiscal year, helping the City balance its FY 2025 executive budget. While some of the fiscal challenges facing the City are not in its direct control, including the continued influx of asylum seekers, preparation and transparency remain paramount to navigating future uncertainty.

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.

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.

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.

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