The Annual Comprehensive Financial Report for the New York State and Local Retirement System (the System or NYSLRS) for the fiscal year ended March 31, 2022.

The Annual Comprehensive Financial Report for the State of New York for the fiscal year ended March 31, 2022.

As State policymakers responded to the challenges of the COVID-19 pandemic and accompanying volatility in the State’s finances, New York ended the State Fiscal Year (SFY) 2021-22 budget on stable ground. 

The Annual Comprehensive Financial Report for the State of New York for the fiscal year ended March 31, 2023.

The Annual Comprehensive Financial Report for the New York State and Local Retirement System (the System or NYSLRS) for the fiscal year ended March 31, 2023.

Despite significant uncertainty caused by inflation and other factors, State Fiscal Year (SFY) 2022-23 reflected continuing recovery from COVID-19 and economic growth. 

This snapshot highlights the results for counties, cities, towns and villages that reported for local fiscal years ending (FYE) in 2022. Overall, the influx of federal pandemic relief aid, as well as robust sales tax revenues, were significant factors in lowering many municipalities’ fiscal stress scores in FYE 2022, especially for non-calendar year entities. Included in the report is an analysis of the 10 years of data collected since the launch of the system, focusing on what has been learned over the past decade.

New York City is planning drastic steps to reduce City-funded spending by as much as 15% in response to substantial budget gaps fueled by escalating costs in the years ahead. This report urges the City to provide greater transparency on nondiscretionary costs that it does not have direct control over to help the public, policymakers and its funding partners understand what’s at stake.