This report summarizes data for fiscal year 2021, 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 IDA-level summary data, see our Interactive Map.
The COVID-19 pandemic led to soaring unemployment rates for people with disabilities, and these rates have not declined as quickly in New York as they have nationally. This report highlights the continued need for solutions that facilitate increased employment for people with disabilities in New York.
Wall Street’s 2022 average bonus paid to securities employees dropped to $176,700, a 26% decline from the previous year’s $240,400. Rising interest rates and fear of a recession led to significantly less profits on Wall Street after a record year in 2021.
The Metropolitan Transportation Authority (MTA) continues to make progress on bringing back riders, but ridership remains well below pre-pandemic levels, putting a major strain on its budget. The report highlights key areas of transit service — safety, reliability and frequency — where the MTA can take steps to improve riders’ experience and encourage their return, to effectively fulfil its mission and stabilize its fiscal position.
The COVID-19 pandemic forced New York’s schools to take on the extraordinary challenge of quickly shifting to remote learning formats. Recent national data show student performance dropped significantly in 2022 from 2019, with New York experiencing even greater declines than the nation in fourth grade math and reading. School districts need to swiftly invest significant resources in helping students that are most in need to make up for learning loss, while pandemic relief funds for education are still available.
The Executive Budget proposes $227 billion in All Funds spending in SFY 2023-24, an increase of 2.5% from the prior year. The State faces prolonged inflation, rising federal interest rates and the end of federal relief aid that was instrumental in balancing the past two budgets. As a result, the Division of the Budget projects shortfalls in revenues and increases in spending.
New York City’s $104.8 billion preliminary fiscal year (FY) 2024 budget has benefitted from better-than-projected revenue collections, the reallocation of unused federal pandemic relief funds and savings initiatives. The Comptroller's office assumes that a number of the fiscal risks the City currently faces will continue, increasing the planned budget gap to about $8.9 billion in FY 2025 and $13.9 billion in FY 2027, even when adjusting for stronger revenue collections.
