Featured on Home | Fiscal Policy Institute

Breaking Down the Fiscal Impact of City Aid to Migrants

September 12, 2023 Key Findings: In August 2023, the City updated its cost estimates for providing shelter and support to asylum seekers, adding $2.33 billion in expected City costs in the current fiscal year (FY24) and $4.1 billion in the next fiscal year (FY25). The 15% PEG announced in September 2023 would result in a $9.6 billion cut in the current fiscal year (FY24) and a $9.7 billion cut in the next fiscal year (FY25). Statement from Fiscal Policy Institute Executive Director Nathan Gusdorf: [...]

Monica Klein2023-09-12T07:58:56-04:00September 12th, 2023|City Budget, Featured on Home|

June Cash Receipts Continue to Stabilize Following April Volatility

The New York State Comptroller's June cash basis report shows that tax receipts for the month of June have stabilized after a shortfall in April. The stable June receipts confirm that New York’s tax base and economy remain strong, and that shortfalls in April reflected weaker-than-expected capital gains in tax year 2022 rather than an imminent downturn.

Monica Klein2023-09-06T13:44:02-04:00July 14th, 2023|Featured on Home, Financial Plans & Cash Reports, Press Releases|

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|

May Cash Receipts Begin to Stabilize Following April Volatility

Following the release of the State Comptroller's May Cash Report yesterday, Fiscal Policy Institute Executive Director Nathan Gusdorf today released the following statements: "The New York State Comptroller's May cash basis report shows that total tax receipts for fiscal year 2024 to date are 3.4 percent over the projections in the Enacted Budget financial plan, with Personal Income Tax receipts to date exceeding such projections by 5.5 percent."

Monica Klein2023-09-06T13:48:16-04:00June 16th, 2023|Blog, Featured on Home, Financial Plans & Cash Reports, Press Releases|

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|

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|