ALBANY, NY | February 13, 2024 The Fiscal Policy Institute released its annual briefing on the Governor's executive budget. The briefing analyzes state fiscal and economic trends as well as major policy initiatives in the executive budget. Download the Book
FOR IMMEDIATE RELEASE: January 16, 2024 Media Contact: press@fiscalpolicy.org 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 [...]
FOR IMMEDIATE RELEASE: January 16, 2024 Media Contact: press@fiscalpolicy.org 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 [...]
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 [...]
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 [...]
FOR IMMEDIATE RELEASE: January 9, 2024 Media Contact: press@fiscalpolicy.org 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 [...]
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 [...]
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” FOR IMMEDIATE RELEASE: December 19, 2023Media Contact: press@fiscalpolicy.org 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 a red flag [...]
FOR IMMEDIATE RELEASE: December 19, 2023 Media Contact: press@fiscalpolicy.org 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: [...]
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 [...]
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.
FOR IMMEDIATE RELEASE: November 16, 2023 Media Contact: press@fiscalpolicy.org 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 [...]
FOR IMMEDIATE RELEASE: October 31, 2023 Media Contact: press@fiscalpolicy.org 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, [...]
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.
The State Comptroller released its September Cash Report today, showing that year to date cash receipts came in over projections but under 2022 levels. Following the cash report release, FPI Executive Director Nathan Gusdorf released the following statement.