New York ranks seventh among all the states in the percentage of adults who are experiencing food scarcity, at 14 percent compared to the 11 percent national rate, according to the U.S. Census Bureau’s latest Household Pulse Survey.
Although New York City was an early epicenter for COVID-19, only 45.6 percent of firms in the City received Paycheck Protection Program (PPP) loans, below the national average of 50.9 percent.
Unemployment rates for New York State, New York City and the balance of the State spiked upward in April 2020. At that point, and in the months immediately before, the percentages of officially unemployed workers in the City and in the rest of the State were nearly identical — but those numbers have since diverged sharply.
Over the last several years, OSC has increased its oversight of IDA operations through audits and performance reports. The Comptroller also began suspending State tax exemption powers for IDAs that failed to file financial reports. Additionally, the Public Authorities Reform Act that became effective in March 2010, will further enhance IDA transparency by requiring additional reporting on governance, operating structure and financial condition.
Unrestricted aid to local governments – known as revenue sharing – is State aid that can be used for any local government purpose. The intended goal is to redistribute tax dollars broadly to municipalities which do not have the tax base or taxing authority to generate this revenue on their own.
This report supplies context for the current policy discussion on Industrial Development Agencies (IDAs), details major process and accountability issues, describes efforts by the Office of the State Comptroller (OSC) to improve reporting quality and provides a summary of statistical and financial information from 2004 IDA annual reports.
This report provides an overview of financial and employment trends of the 116 active Industrial Development Agencies (IDAs) in New York State.
Sales taxes are an important source of revenue for New York State's local governments. This revenue stream has helped local governments cope with the rising cost of providing services and mitigate property tax increases. Sales tax revenues now exceed the real property tax as the largest revenue source for counties.
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.
In 2007, nearly $61 billion in total project amounts were reported for all Industrial Development Agencies (IDAs) statewide.
