Anthony Troia, Author at Fiscal Policy Institute

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So far Anthony Troia has created 1243 blog entries.

New York State’s Reserves: A User’s Guide

By Andrew Perry, Senior Policy AnalystSeptember 21, 2023 Key FindingsAll economies go through cyclical upswings and downturns.State treasuries should deposit money into reserve accounts during economic upswings, and spend their reserves during downturns, in order to stabilize public spending.Reserves can allow state expenditures to align with longer-run revenue trends, rather than overspending during growth periods and cutting spending during slowdowns.New York has a large population of high earners who receive substantial income in the form of bonuses, capital gains, and business [...]

Anthony Troia2023-09-24T13:39:26-04:00September 21st, 2023|Blog|

Mind the Gap: When are State Budget Gaps a Concern?

By Andrew Perry, Senior Policy Analyst September 5, 2023 New York’s fiscal year 2024 Enacted Budget Financial Plan, released June 2023, projected budget shortfalls for fiscal years 2025 through 2027. While future budget gaps are a perennial feature of New York’s budget forecasts, the most recent projected gaps exceed those generally projected in times of greater economic stability, aligning instead with gaps projected during economic downturns. These projections must be interpreted, however, in light of an improving economic outlook as well [...]

Anthony Troia2023-09-08T10:16:22-04:00September 5th, 2023|Blog, State Budget|

State Economic Update: Recession Unlikely, Tax Receipts Stable

Recent revisions to economic forecasts have significantly lowered expectations of a recession. This has positive implications for the State’s fiscal outlook, as improved economic performance should translate into higher tax receipts.

Anthony Troia2023-09-06T13:43:00-04:00August 11th, 2023|Blog, Economic Outlook, Labor Market & Workforce|

Fiscal Year 2024 Enacted Budget Financial Plan Analysis

New outyear budget gaps in the fiscal year 2024 Enacted Budget Financial Plan reflect heightened pessimism about the state’s economic trajectory by the State’s Division of Budget (DOB). While all economic projections are highly uncertain, the State is well-equipped to weather economic turbulence if these projections do materialize.

Anthony Troia2023-09-06T13:44:51-04:00July 3rd, 2023|Featured on Home, Financial Plans & Cash Reports, Must Read, State Budget|

Low Expectations: Understanding the NYC Budget Gap

The Fiscal Policy Institute today released a new report, "Low Expectations: Understanding the NYC Budget Gap." Through an analysis of the past ten years of New York City outyear budget gaps, the report illustrates how the City uses conservative budget forecasting to protect against economic downturns, and outlines why lawmakers should not misinterpret outyear budget gaps as large impending deficits.

Anthony Troia2023-09-06T13:48:56-04:00May 23rd, 2023|City Budget, Featured on Home, Tax Policy|

Exempting Suburbs from Payroll Mobility Tax Would Cost MTA $200 Million

As the legislature currently contemplates a Payroll Mobility Tax (PMT) increase from 0.34 percent to 0.5 percent to fund the MTA, the Fiscal Policy Institute today released a new report, Who Should Pay the Payroll Mobility Tax? The Case Against Excluding Suburban Counties.

Anthony Troia2023-09-06T13:50:23-04:00April 26th, 2023|State Budget, Tax Policy, Transit|

Workforce Report: Labor Shortage Mitigation in New York’s Home Care Sector

New York State has been reported to be one of the states most at risk of incurring a shortage of healthcare workers over the next decade. With a quickly growing population of adults over the age of 65 (“older adults”) and a movement towards “aging in place,” the demand for home care workers will rise dramatically over the next decade.

Anthony Troia2023-09-06T13:52:51-04:00March 29th, 2023|Healthcare, Labor Market & Workforce, Must Read|

Overview of Fiscal Year 2024 Executive vs Legislative Budget Proposals

The fiscal year 2024 Executive Budget limits spending growth to 2.0 percent, with new spending concentrated in Medicaid and School Aid. In contrast, the Assembly proposes budget growth of 5.9 percent, reflecting additional investments in the MTA, SUNY and CUNY, and assistance for low-income renters, paid for through increased taxes on multimillionaires and corporations.

Anthony Troia2023-09-06T13:53:21-04:00March 29th, 2023|State Budget, Tax Policy|

The True Cost of Tuition Hikes on SUNY & CUNY Students

The Governor’s executive budget for fiscal year 2024 aims to increase funding for New York State’s public university system, in part through sharp tuition increases. For the State University of New York’s (SUNY) four university centers, the tuition increases could result in a 51 percent tuition increase over five years. Tuition hikes of this size would represent a generational shift in New York State’s higher education landscape, moving its public universities from among the most accessible in the U.S. to among the most expensive. In doing so, these hikes could jeopardize the universities’ role as engines of upward economic mobility.

Anthony Troia2023-09-08T10:17:20-04:00March 29th, 2023|Education, State Budget|

The Cost of New Property Tax Breaks for Local Government

Tackling New York State’s housing crisis is a central priority of the fiscal year 2024 executive budget. The budget proposes a suite of policy responses designed to create 800,000 new housing units, especially in the New York metropolitan area. Many of these measures, including required changes to local land use policy, are appropriately ambitious, given the urgency of the state’s housing shortfall.

Anthony Troia2023-09-08T10:19:00-04:00March 29th, 2023|City Budget, State Budget, Tax Policy|

Housing Costs, Not Taxes, Drive Migration out of New York

The typical family that moves out of New York State saves 15 times more from lower housing costs than they do from lower taxes. Of the top twenty largest county-to-county moves out of New York State, annual mortgage costs are on average $18,300, or 34 percent, lower outside New York.

Anthony Troia2023-09-08T10:26:08-04:00January 31st, 2023|Featured on Home, Housing, Migration, Must Read, Tax Policy|

State Corporate Tax Cut Would Cost New York $1.2 Billion in Annual Revenue

If New York cuts its corporate tax rate this year, returning the rate to 6.5 percent, the impact on state revenue will be significant: The state will lose $1.2 billion in fiscal year 2025. Revenue losses will begin in the last quarter of fiscal year 2024, costing the state nearly $300 million for that quarter.

Anthony Troia2023-09-08T10:26:35-04:00January 30th, 2023|State Budget, Tax Policy|

November Cash Basis Report shows higher than expected Personal Income Tax receipts

The New York State Comptroller this week released its November 2022 cash basis report, which documents recent trends in state spending and revenue.

Anthony Troia2023-09-08T10:27:47-04:00December 19th, 2022|Financial Plans & Cash Reports|

Personal Income Tax Revenue Exceeds Projections in Mid-Year Financial Plan

In its Mid-Year Financial Plan Update, the New York State Division of the Budget (DOB) reported that tax revenues continue to exceed previous projections. Personal Income Tax (PIT) receipts continue to outperform expectations — bringing in $48.95 billion — nearly $2 billion more than projected in the enacted budget financial plan and $500 million more than projected in the first quarterly update to the financial plan. Through the first half of the fiscal year, PIT receipts exceeded enacted and first quarter projections by 17 percent and 8 percent, respectively.

Anthony Troia2023-09-08T10:28:45-04:00November 30th, 2022|Economic Outlook, Financial Plans & Cash Reports|

FPI Statement on New NYS Labor Data and Comptroller DiNapoli’s Labor Force Report

Nathan Gusdorf, Executive Director of the Fiscal Policy Institute, today released the following statement: “Recent data released by the Bureau of Labor Statistics today reveal New York State added 456,000 jobs from June 2021 to June 2022, which represents a 5.1% annual increase — making New York the fifth fastest growing job market in the United States."

Anthony Troia2023-09-08T10:29:13-04:00November 30th, 2022|Economic Outlook, Labor Market & Workforce, Press Releases|

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About Anthony Troia