Recent Work
Statement on 2025 State of the State
The governor's policy agenda lacks a strategy for structural reforms to lower the cost of living
Statement on Climate Change Superfund Act
The Superfund is a fiscally sound mechanism for upgrading our statewide infrastructure in the face of urgent climate challenges, and FPI commends the governor and legislature for successfully working together to enact it.
Statement on First Quarterly Update to FY 2025 Budget
The First Quarterly Update to the State’s financial plan indicates the State remains on strong fiscal footing, with modestly higher revenue than projected in the Enacted Budget financial plan and lower spending than expected. Measured as a share of total state personal income, State spending is set to fall, and is on par with its fiscal year 2016 level.
Impact of Payroll Mobility Tax on New York City Workers
Governor Hochul’s directive to the MTA to 'indefinitely pause' planned congestion pricing for New York City, and her proposed alternative revenue sources, are ill-advised tax and economic policy.
Statement on New York City Budget Agreement
Governor Hochul’s directive to the MTA to 'indefinitely pause' planned congestion pricing for New York City, and her proposed alternative revenue sources, are ill-advised tax and economic policy.
Temporary MTA Funding Plan Jeopardizes New York’s Fiscal Future
Governor Hochul’s directive to the MTA to 'indefinitely pause' planned congestion pricing for New York City, and her proposed alternative revenue sources, are ill-advised tax and economic policy.
Who is Leaving New York State? Part II: Social Characteristics
The Fiscal Policy Institute today released a new report in its state migration series, "Who Is Leaving New York State? Social and Labor Characteristics", which finds that affordability — and in particular housing and the cost of raising a family — are increasingly driving State population loss.
Enacted Budget Financial Plan Shows Healthy Fiscal Outlook
The fiscal year 2025 enacted budget totals $237 billion, an inflation-adjusted decline of 0.4 percent from fiscal year’s 2024 total budget. In non-inflation-adjusted terms (nominal dollars) this represents an increase from fiscal year 2024’s total budget of $231.6 billion.
FPI on NYC FY25 Executive Budget: Real Revenue Not Aligned with City’s Pessimistic Forecasts
Under the fiscal year 2025 executive budget, inflation-adjusted state funding would fall for a third consecutive year. While State spending rose in response to Covid, it will return to its pre-Covid trend by fiscal year 2025.
Fact Sheet on Fiscal Year 2025 Enacted Budget
The fiscal year 2025 enacted budget totals $237 billion, an inflation-adjusted decline of 0.4 percent from fiscal year’s 2024 total budget. In non-inflation-adjusted terms (nominal dollars) this represents an increase from fiscal year 2024’s total budget of $231.6 billion.
FPI on Housing, Healthcare, Education & Climate in FY 2025 Enacted Budget
Under the fiscal year 2025 executive budget, inflation-adjusted state funding would fall for a third consecutive year. While State spending rose in response to Covid, it will return to its pre-Covid trend by fiscal year 2025.
Modest Budget Fails to Make Investments Needed to Address Affordability Crisis & Stem Population Loss
Under the fiscal year 2025 executive budget, inflation-adjusted state funding would fall for a third consecutive year. While State spending rose in response to Covid, it will return to its pre-Covid trend by fiscal year 2025.
Debunking Common Misconceptions about the Size of the State Budget
Under the fiscal year 2025 executive budget, inflation-adjusted state funding would fall for a third consecutive year. While State spending rose in response to Covid, it will return to its pre-Covid trend by fiscal year 2025.
Guide to the Budget Debate
FPI's analysis of the legislative and executive budget proposals for fiscal year 2025.
Fiscal Analysis: 2025 Revenue To Exceed Projections by At Least $4 Billion
The DOB’s assumed growth rates for State revenue are unusually low by historical standards, and are out of sync with most forecasts of U.S. economic growth over coming years. FPI expects State revenue growth in fiscal year 2025 will likely exceed current forecasts by at least $4 billion.
