This report provides an overview of financial and employment trends of the 116 active Industrial Development Agencies (IDAs) in New York State.

Since the cost of electricity represents a considerable burden to local governments and their taxpayers, this report focuses on initiatives that reduce electric bills and the consumption of electricity overall, as well as the consumption of electricity generated through traditional methods.

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.

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.

Local sales tax collections for all of New York State, including New York City, declined by 8.9 percent, or $640 million, over the first seven months of 2009 compared to the same period the year before.

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.