You probably know or have heard about someone whose personal information was stolen to file false unemployment claims or credit card applications or to gain access to bank or social media accounts. The consequences of identity theft can be devastating for victims, ranging from having to rebuild a ruined credit history to having trouble renting an apartment or buying a home, obtaining a tax benefit or receiving a loan.
The American Rescue Plan Act of 2021 provided $350 billion in additional fiscal relief to address the continued impact of COVID-19 on the economy, public health, and the finances of state and local governments, individuals and businesses. This report examines how New York City and other local governments across the country used the first of two partial payments of these funds, totaling nearly $224 billion.
New Yorkers and consumers across the nation are experiencing growing household debt. The average household debt in New York climbed to a new high of $53,830 at the end of 2021. While New Yorkers trail the national average debt burden ($55,810), student loan and credit card debt per capita were well above the national average, with student loan balances 335% higher than they were in 2003.
Local sales tax collections in New York state increased by 11.9% in July compared to the same month in 2021. Overall, local collections totaled $1.8 billion, up $188 million as compared to July of last year.
Local sales tax collections in New York state increased by 12.6% statewide in August compared to the same month in 2021. Statewide local collections totaled $1.7 billion, up nearly $192 million from the same time last year.
Communities in the Rockaways were some of the hardest hit by the pandemic. Despite the challenges, local economic indicators have slowly improved as the pandemic has worn on, with the number of Rockaways businesses growing in 2020 and 2021. Since the City’s reopening following the height of the pandemic, local stakeholders in the Rockaways have made concerted efforts to promote economic recovery and improved environmental conditions, with a focus on mitigating the impact of extreme climate events.
The New York State Legislature amended the State Finance Law in 2015 by adding a new Section 8-c providing for the establishment of a statewide electronic system to help detect and prevent fraud, waste and abuse in government spending and to help avoid improper payment of public funds.
Despite the many challenges we all faced last year, State Fiscal Year 2021-22 was another productive year for the Office of Unclaimed Funds, returning $404 million to rightful owners.
