New York State and its local governments maintain an extensive infrastructure critical to the economy, including roads, bridges, educational facilities, water and sewer systems and medical facilities. Most of this capital investment is financed through the issuance of long term debt. Investment in such infrastructure maintains and improves the vitality and economic well being of our communities.
As previous reports by the Office of the State Comptroller have pointed out, the terms city, town and village have more to do with history than they do with present day governmental function. This report looks at urban villages as one type of municipal government that has been impacted by these historic designations.
This report provides an overview of financial and employment trends of the 116 active Industrial Development Agencies (IDAs) in New York State.
This report examines some of the various options proposed to reduce local property tax growth.
The current global financial market crisis could have serious implications for New York’s local governments if access to the credit markets remains constrained. While many long-term implications for local government finances may occur as a result of the broader deterioration in the economy, the credit situation has produced a more immediate impact on liquidity – the ability of local governments to finance their short-term capital operations and cash flow needs. Local governments who are dependent on short-term debt for these purposes could face continued risks.
Compared with other states, particularly those in the South and West, significantly fewer subprime loans were issued in New York, although there are areas within the State where subprime mortgages were utilized more frequently. However, the number of home foreclosures in New York is increasing as more homeowners are faced with mortgages of all types that they can no longer afford.
In 2007, nearly $61 billion in total project amounts were reported for all Industrial Development Agencies (IDAs) statewide.
This report provides a number of ideas and explains efforts undertaken by various municipal officials or identified through audits conducted by OSC that are applicable to most local governments, and that address costs that are under local control.
This report analyzes historical trends in local capital spending and the current condition of our local infrastructure. It suggests some important steps that the State and local governments need to take to improve capital planning within New York. Finally, it suggests some policy options that could help sustain investment in the State’s infrastructure and encourage more coordinated, regional approaches to investment.
School districts across New York state, including New York City, face a potential funding gap of at least $2 billion when the American Recovery and Reinvestment Act funding runs out in 2011-12 unless federal aid is renewed or replaced by State aid.
View a district-by-district breakdown of ARRA funding - .xls
