Comptroller’s Fiscal Update: Year-End Results for State Fiscal Year 2013-14, May 2014
Although U.S. and New York State economic growth softened in State Fiscal Year (SFY) 2013-14, tax collections showed signs of real improvement.
Although U.S. and New York State economic growth softened in State Fiscal Year (SFY) 2013-14, tax collections showed signs of real improvement.
New York State ended State Fiscal Year (SFY) 2013-14 in its strongest financial condition since the Great Recession. Indications of the State’s improved fiscal footing included a $175 million deposit in the Rainy Day Fund, the first since 2008, and General Fund reserves of $2.2 billion, effectively the highest level since the end of SFY 2007-08.
The State’s All Governmental Funds tax collections through the first quarter of the 2014-15 State Fiscal Year (SFY) were $1.3 billion higher than projected in this year’s Enacted Budget Financial Plan, primarily due to increased business tax and Personal Income Tax (PIT) collections.
The State ended the first half of State Fiscal Year (SFY) 2014-15 in an improved cash position, due largely to unanticipated settlement revenues and tax receipts.
This Report on Estimated Receipts and Disbursements for State Fiscal Year (SFY) 2014- 15 through SFY 2016-17, issued pursuant to Section 23 of the State Finance Law (as amended by Chapter 1 of the Laws of 2007), is intended to enhance analysis and discussion of the State’s economic condition and the State Budget.
As the national economy gains momentum in its sixth year of inconsistent recovery from the Great Recession, New York State's fiscal condition also continues to improve.
The Executive Budget for State Fiscal Year (SFY) 2015-16 was released by the Executive on January 21, 2015. On February 20, the Executive submitted 30-day amendments to the proposed Budget.
In the sixth year of national economic recovery, New York State’s short-term financial condition continues to improve.
New York spent $143.9 billion in State Fiscal Year (SFY) 2014-15 on an All Governmental Funds (All Funds) basis, an increase of $6.4 billion or 4.6 percent from SFY 2013-14.
The State’s cash position continues to improve, as illustrated by the $10.7 billion balance in the General Fund through the middle of State Fiscal Year (SFY) 2015-16.