Local sales tax collections in New York state increased by 14.1% in October compared to the same month in 2021. Overall, local collections totaled $1.75 billion, up $217 million compared to the same time last year.
Attrition outpaces hiring among New York City’s municipal workforce, which could have an impact on critical City services and programs. The City’s full-time workforce declined by 19,113 employees over the last two years, the largest decline in staffing since the Great Recession of 2008. Despite the City hiring over 40,000 new employees in the last fiscal year, City job vacancies stand at more than 21,000.
New York’s "Big Five" school districts in New York City, Yonkers, Buffalo, Syracuse and Rochester received $8.6 billion in federal pandemic relief funds, but there are sizeable differences in how school districts are using the funds. New York City has directed a smaller share of its total allocation toward addressing the academic impacts of the pandemic. The City, and all districts, can improve reporting linking educational outcomes for all of its students with their use of these historic federal education funds.
The Office of the State Comptroller (OSC) prepares this report as part of the “Quick Start” process established in State Finance Law. The report includes revenue and spending projections through SFY 2024-25.
Drug overdose fatalities surged during the COVID-19 pandemic in New York State, with opioid-related overdose deaths increasing by 68% to nearly 5,000 individuals from 2019 to 2021. The surge is largely due to a sharp increase in deaths from opioids related to illicit fentanyl and similar synthetic opioids. This report outlines long-term trends and recent developments in the battle to save lives from being lost prematurely to substance use disorder.
Ten years ago, Superstorm Sandy made landfall in New York, causing catastrophic devastation to Long Island and New York City. One of the key organizations involved in the recovery and the planning of responses to future climate events is the MTA, whose assets were substantially impacted by the storm. This analysis tracks MTA’s progress on projects focused on rebuilding and strengthening elements affected by Superstorm Sandy and discusses what more can be done to better protect the system from new disasters.
Following near-record profitability in 2020, securities industry pretax profits rose even further in 2021. As federal stimulus actions have wound down, profits in 2022 are returning to pre-pandemic levels. New York State and City are reliant on tax revenues from the industry and must be cautious in managing their budgets given continued uncertainty in the financial markets. Though national sector employment has grown recently, the City’s share of national sector employment continued to decline slightly.
Homeownership can provide economic benefits, but New York State has the lowest homeownership rate in the nation, driven by low rates in New York City. New York also has a racial and ethnic ownership disparity that is higher than the rest of the country. Reducing inequities in real estate practices and boosting homeownership should be important priorities for maintaining New York’s competitiveness as a place of opportunity.
