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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 [...]

2023-09-24T13:39:26-04:00September 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 [...]

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

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.

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.

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

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.

2023-09-06T13:52:51-04:00March 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.

2023-09-06T13:53:21-04:00March 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.

2023-09-08T10:17:20-04:00March 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.

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

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.

2023-09-08T10:28:45-04:00November 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."

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