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New York State Economic and Fiscal Outlook FY 2019

February 15, 2018. In its 28th annual New York State budget briefing book, the Fiscal Policy Institute analyzes and comments on Governor Andrew Cuomo’s FY 2019 Executive Budget. The Trump Administration’s tax law, looming federal budget cuts, multi-billion-dollar state budget deficits, glaring unmet human and physical infrastructure needs throughout the state...this year’s New York State budget negotiations are taking shape against a worrisome and uncertain backdrop. The president and congress are threatening to dismantle decades-old federal entitlement programs, make drastic cuts to programs that help millions [...]

2021-01-06T11:12:45-05:00February 15th, 2018|Blog, State Budget|

FPI: Mayor’s Continued Budget Cuts Are Unwarranted and Fiscally Irresponsible

FOR IMMEDIATE RELEASE: January 16, 2024 Media Contact: [email protected] June Cash Receipts Continue to Stabilize Following April Volatility "Improving tax receipts and new State aid, combined with lower asylum seeker costs and the customary use of annual reserves, are more than sufficient to balance next year’s budget" ALBANY, NY | January 16, 2024 — In response to the New York City Preliminary Budget for Fiscal Year 2025, Fiscal Policy Institute Director Nathan Gusdorf released [...]

FPI: Modest Budget Lacks Deep Investments Needed to Reverse Affordability Crisis & Stem Population Loss

FOR IMMEDIATE RELEASE: January 16, 2024 Media Contact: [email protected] June Cash Receipts Continue to Stabilize Following April Volatility "Given recent inflation and economic growth, state spending is shrinking slightly relative to the size of the overall state economy" ALBANY, NY | In response to the New York State Executive Budget for Fiscal Year 2025, Fiscal Policy Institute Director Nathan Gusdorf released the following statement: “After months of overly pessimistic revenue projections, the Executive Budget [...]

2024-01-16T13:20:50-05:00January 16th, 2024|FPI in the News, Press Releases, State Budget|

New: Expiring Tax Rates to Drive Down Expected Fiscal Year 2028 Revenue

By Andrew Perry, Senior Policy Analyst January 2024 Approximately $2.4 Billion of FY28 budget gap will be due to the Personal Income Tax and Corporate Franchise Tax surcharge expirations. In the fiscal year 2022 budget, New York enacted temporary increases to the personal income tax (PIT) and corporate franchise tax (CFT) rates. PIT rates were raised for tax filers with more than $1 million in annual income, and new brackets were created for filers with incomes over $5 million [...]

2024-01-16T08:22:12-05:00January 16th, 2024|Fact Sheets, Featured on Home, Must Read, State Budget|

State Economic Update: Economy Recovers While Inequality Rises

By Emily Eisner, PhD, Economist January 11, 2024 View Full Economic Update Overview   New York State is home to one of the largest, most thriving economies in the world; as of 2022, New York’s gross domestic product was over $2 trillion, rivaling the entire economy of Canada and larger than the economies of Australia and South Korea. Despite New York’s aggregate economic strength, New York faces real economic challenges, including a decrease in total employment, climbing poverty rates, and [...]

2024-02-20T19:08:48-05:00January 15th, 2024|Blog, Economic Outlook|

FPI on State of the State: NY’s Long-term Economic Competitiveness Depends on Deepening Investments that Sustain Workforce

FOR IMMEDIATE RELEASE: January 9, 2024 Media Contact: [email protected] June Cash Receipts Continue to Stabilize Following April Volatility New York’s current fiscal indicators are stable & show State could significantly increase public investment Current $4.3 billion FY25 budget gap falls within routine range that resolve without major policy intervention ALBANY, NY | In response to Governor Hochul's State of the State, Fiscal Policy Institute Director Nathan Gusdorf released the following [...]

2024-01-09T14:20:27-05:00January 9th, 2024|Press Releases, State Budget|

Update: FY25 State Budget Gap Reflects Stable Fiscal Condition, Not Crisis

January 9, 2024 Toplines The November financial plan made significant revisions to the FY25 budget gap — shrinking the gap from $9.1 billion to $4.3 billion, resulting in more routine gaps. The current FY25 budget gap of $4.3 billion is a moderate, not extreme, budget gap. Moderate outyear budget gaps are generally the result of conservative revenue estimates intended to ensure fiscal stability. Conservative budget forecasting is a sound fiscal practice that protects against economic downturns — not a [...]

2024-01-09T12:04:35-05:00January 9th, 2024|Blog, Fact Sheets, State Budget|

Latest Census Data, Combined with FPI Analysis, Reveal New York Losing Working and Middle Class

FOR IMMEDIATE RELEASE: December 19, 2023 Media Contact: [email protected] June Cash Receipts Continue to Stabilize Following April Volatility “In light of population loss, State should make deep investments in the services and programs that keep New Yorkers here” ALBANY, NY | In response to the U.S. Census Bureau’s release of the Vintage 2023 Population Estimates today, Fiscal Policy Institute Senior Policy Analyst Andrew Perry released the following statement: "The latest Census data should serve as [...]

2023-12-19T12:54:14-05:00December 19th, 2023|Migration, Press Releases|

November State Receipts Exceed Projections for Sixth Month Straight

FOR IMMEDIATE RELEASE: December 19, 2023 Media Contact: [email protected] June Cash Receipts Continue to Stabilize Following April Volatility November receipts 10.7% above latest projections and 9% above November 2022 receipts ALBANY, NY | The State Comptroller released its November Cash Report Friday, showing that November receipts came in over projections and over November 2022 receipts: November 2023 receipts: $7.59 billion November 2023 projections: Enacted (June): $7.06 billion Mid-Year Update (October): $6.86 billion November 2022 receipts: [...]

2023-12-19T09:26:12-05:00December 19th, 2023|Financial Plans & Cash Reports, Press Releases|

Testimony on Mayor’s November Financial Plan

December 11, 2023 Submitted to the New York City Council Committee on Finance Good morning — I am Andrew Perry, Senior Policy Analyst at the Fiscal Policy Institute, a nonpartisan research organization committed to improving public policy to better the economic and social conditions of all New Yorkers. Overview: New York City faces real fiscal strain in the current fiscal year and next year. However, projected gaps are the result of an unexpected and temporary fiscal shock – the [...]

2023-12-11T07:49:13-05:00December 11th, 2023|City Budget, Reports, Briefs and Presentations|

High Earners Move Out Of New York Less Often Than Working & Middle Class And Do Not Move In Response To Tax Hikes

A groundbreaking new report from the Fiscal Policy Institute, “Who Is Leaving New York State? Income Trends” reveals for the first time that the richest New Yorkers are far less likely to move out of New York than working and middle-class New Yorkers in normal, non-Covid years. While this pattern temporarily changed during Covid, when all households earning over $170,000 significantly increased their likelihood of moving out of state, migration trends reverted to normal in 2022.

October Cash Receipts Remain Stable More Than Halfway Through Fiscal Year

FOR IMMEDIATE RELEASE: November 16, 2023 Media Contact: [email protected] June Cash Receipts Continue to Stabilize Following April Volatility October receipts 5.6% above latest projections and 7.5% above October 2022 receipts ALBANY, NY | November 16, 2023 — The State Comptroller released its October Cash Report today, showing that October receipts came in over projections and over October 2022 receipts. October 2023 receipts: $5.85 billion October 2023 projections: Enacted: $5.43 billion Mid-year: $5.54 billion October [...]

State Fiscal Outlook Improves in Mid-Year Update to Financial Plan

FOR IMMEDIATE RELEASE: October 31, 2023 Media Contact: [email protected] June Cash Receipts Continue to Stabilize Following April Volatility As FPI projected earlier this month, Financial Plan update reduces projected FY 2025 budget gap by over 50 percent If current revenue trends continue, next fiscal year's projected budget gap would further narrow ALBANY, NY | October 31, 2023 — Following the release of the Mid-Year Update to the Fiscal Year 2024 Financial Plan this week, [...]

Latest Census Data Confirms New York Losing Residents to Neighboring States with Lower Housing Costs

New Census data revealed that New York State lost a net total of 244,100 people in 2022. The latest Census data, which details state-to-state migration patterns, confirms the Fiscal Policy Institute's prior findings: New Yorkers are primarily moving to neighboring states with a lower cost of living, and in particular, lower housing costs. Meanwhile, less than half of New Yorkers are leaving for low tax states. This data confirms State fiscal policy should focus on turning New York into a place where people can afford to live and raise families — from investing in universal childcare and high-quality public education to affordable housing and reliable public transit. Conversely, budget cuts or underfunding will only hinder New York's economic recovery. Increasingly unaffordable housing and childcare, combined with shrinking state services, will continue to drive both individuals and businesses out of our state.

2023-10-21T15:14:47-04:00October 20th, 2023|Migration, Press Releases, Tax Policy|
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