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Budget Breakdown: Fiscal Year 2026 Enacted Budget

The Enacted Budget, while it contains few significant new policy initiatives, allows state spending to recover some of the lost ground from a decade of austerity policies in the 2010s. The most important policy measure in the budget is a long overdue increase in unemployment insurance benefits that will better prepare the State economy for a possible recession (discussed in detail below). The bad news is that the Enacted Budget contains serious fiscal errors, including permanent tax cuts and one-time payments that will cost $3 billion in fiscal year 2026 alone.

Fiscal Policy Institute2025-05-14T15:53:17-04:00May 14th, 2025|Featured on Home, State Budget, Tax & Budget|

FPI’s Fiscal Year 2026 Enacted Budget Briefing

FPI presented a briefing on the New York State budget for fiscal year 2026.

Fiscal Policy Institute2025-05-14T00:57:42-04:00May 9th, 2025|Featured on Home, Healthcare, Housing, Policy & Research, State Budget, Tax & Budget, Tax Policy, Transit|

Has New York Already Entered Stagflation?

Stagflation is the deadly combination of low growth and high inflation. With the implementation of sweeping and high tariffs by the federal government, most economists and forecasters currently predict something resembling “stagflation” on the Unites States’ economic horizon. But New York may have already entered a period of stagflation: New York’s economy has recovered the jobs lost during the Covid-19 pandemic, but lags the economic growth seen in the rest of the country.

Emily Eisner2025-05-05T22:52:51-04:00May 6th, 2025|Economic Trends & Policy, Featured on Home|

What to Look for in New York City’s Executive Budget

The Adopted Budget should anticipate realistic revenue and spending on core services while maintaining a flexible reserve to prepare for fiscal uncertainty. The budget response put forward by the City Council takes important steps toward these goals.

Andrew Perry2025-04-29T17:09:36-04:00April 24th, 2025|City Budget, Featured on Home|

State Ends Year with $6 Billion over Projections

New York State’s fiscal year 2025 ended on March 31 with good news for the State’s coffers: Total receipts for the year came in $6.0 billion higher than forecast as of January 2025, and a full $12.3 billion higher than forecast at the beginning of the fiscal year in May 2024. As we enter the final stage of budget negotiations, this additional revenue will allow the State to prepare for federal funding cuts by investing in the MTA, childcare, NYCHA, and other critical services and infrastructure.

Fiscal Policy Institute2025-04-24T15:25:08-04:00April 21st, 2025|Featured on Home, State Budget, Tax & Budget|

How the CDPAP Transition Could Leave Thousands of Home Care Workers Uninsured

The statewide transition to PPL on April 1 risks being a catastrophe for home care workers – lowering wages while eliminating health insurance coverage for tens or even hundreds of thousands of workers. Neither PPL nor the state has offered any explanation of why this is happening or what PPL intends to do about it; many workers are currently seeking information about whether they will still have health insurance on April 1.

Michael Kinnucan2025-03-25T14:06:57-04:00March 17th, 2025|Featured on Home, Healthcare|

Understanding Childcare Policy in New York

Childcare in New York State is unaffordable for many families, yet inadequately supports its workers. The State’s childcare costs are the third highest in the U.S., putting a strain on family budgets across the income distribution. The Bronx and Brooklyn have the costliest childcare as a share of family income of any county in the U.S.

Andrew Perry2025-03-18T15:24:05-04:00November 1st, 2024|Blog, Education, Featured on Home|

The State of New York’s Fiscal Outlook

With revenue higher than projections by 2.7 percent, and spending below projections by 1.7 percent, the State is on track to have a surplus in the current fiscal year.

Andrew Perry2024-12-20T00:26:24-05:00October 28th, 2024|Featured on Home, Financial Plans & Cash Reports, State Budget|

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.

Fiscal Policy Institute2024-12-19T23:51:40-05:00July 1st, 2024|Featured on Home, Reports, Briefs and Presentations, State Budget, Tax & Budget, Tax Policy|