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FPI: Mayor’s Continued Budget Cuts Are Unwarranted and Fiscally Irresponsible

FOR IMMEDIATE RELEASE: January 16, 2024 Media Contact: [email protected] 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 [...]

New: Expiring Tax Rates to Drive Down Expected Fiscal Year 2028 Revenue

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 [...]

2024-01-16T08:22:12-05:00January 16th, 2024|Fact Sheets, Featured on Home, Must Read, State Budget|

High Earners Move Out Of New York Less Often Than Working & Middle Class And Do Not Move In Response To Tax Hikes

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.

October Cash Receipts Remain Stable More Than Halfway Through Fiscal Year

FOR IMMEDIATE RELEASE: November 16, 2023 Media Contact: [email protected] 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 [...]

State Fiscal Outlook Improves in Mid-Year Update to Financial Plan

FOR IMMEDIATE RELEASE: October 31, 2023 Media Contact: [email protected] 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, [...]

Breaking Down the Fiscal Impact of City Aid to Migrants

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).

2023-10-21T15:12:00-04:00September 12th, 2023|City Budget, Featured on Home|

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

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 as the inherent uncertainty of fiscal forecasting.

2024-01-29T17:34:38-05:00September 5th, 2023|Blog, Featured on Home, State Budget|
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