Tax & Budget | Fiscal Policy Institute

October Cash Receipts Remain Stable More Than Halfway Through Fiscal Year

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 [...]

Monica Klein2023-11-16T12:57:34-05:00November 16th, 2023|Featured on Home, Financial Plans & Cash Reports, Press Releases, State Budget|

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

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, [...]

Monica Klein2023-11-16T10:03:37-05:00October 31st, 2023|Featured on Home, Financial Plans & Cash Reports, Press Releases, State Budget|

Latest Census Data Confirms New York Losing Residents to Neighboring States with Lower Housing Costs

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.

Monica Klein2023-10-21T15:14:47-04:00October 20th, 2023|Migration, Press Releases, Tax Policy|

Halfway Into Fiscal Year, Tax Receipts Remain Stable — Budget Gaps Likely to Shrink

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.

Monica Klein2023-10-21T15:14:32-04:00October 17th, 2023|Featured on Home, Financial Plans & Cash Reports, Press Releases|

FPI Statement in Response to State Spending Freeze Directive

In response to the State Division of the Budget directive to State agencies ordering a spending freeze at current levels next year, Fiscal Policy Institute Executive Director Nathan Gusdorf released the following statement.

Monica Klein2023-10-21T15:00:11-04:00September 21st, 2023|Press Releases, State Budget, Tax Policy|

FPI: August State Cash Receipts Remain Steady for Fourth Straight Month

The State Comptroller released its August Cash Report Friday, showing that August tax receipts came in over projections and over August 2022 levels. Following the cash report release, Fiscal Policy Institute Executive Director Nathan Gusdorf released the following statements.

Monica Klein2023-10-21T15:13:28-04:00September 18th, 2023|Featured on Home, Financial Plans & Cash Reports, Press Releases|

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).

Monica Klein2023-10-21T15:12:00-04:00September 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.

Anthony Troia2023-10-21T15:12:53-04:00September 5th, 2023|Blog, Featured on Home, State Budget|

FPI: Recent Investment Firm Relocations Unlikely to Result in State Tax Loss

FOR IMMEDIATE RELEASE: August 23, 2023 Media Contact: press@fiscalpolicy.org FPI: Recent Investment Firm Relocations Unlikely to Result in State Tax Loss “These business decisions are unlikely to have a noticeable effect on the state’s tax revenues” ALBANY, NY — Fiscal Policy Institute Executive Director Nathan Gusdorf today released the following statement: “A recent article stated that New York State lost ‘$1 trillion in assets’ due to a number of asset management firms moving their headquarters out [...]

Monica Klein2023-09-06T13:37:29-04:00August 23rd, 2023|Press Releases, State Budget|

July Cash Receipts Remain Steady for Third Straight Month

For Immediate Release: August 16, 2023 Media Contact: press@fiscalpolicy.org July Cash Receipts Remain Steady for Third Straight Month "Three months of strong tax receipts confirm State economy remains robust & align with improving economic forecasts" ALBANY, NY | August 16, 2023 — The State Comptroller released its July Cash Report today, showing that July tax receipts came in over projections and over July 2022 levels: July 2023 receipts: $7.75 billion July 2023 projections: $6.87 [...]

Monica Klein2023-09-06T13:41:36-04:00August 16th, 2023|Financial Plans & Cash Reports, Press Releases|

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 Klein2023-10-21T15:11:13-04:00July 14th, 2023|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 Troia2023-10-21T15:11:04-04:00July 3rd, 2023|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 Klein2023-10-21T15:10:59-04:00June 16th, 2023|Blog, 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 Troia2023-10-21T15:10:53-04:00May 23rd, 2023|City Budget, Tax Policy|

Statement on FY 2024 Budget

Budget relies on temporary tax rates for corporations and highest earners — state's long-term fiscal stability would be better served by making tax rates permanent. Failure to address high cost of living will continue to drive working & middle-class New Yorkers out of state — and undermine statewide economic growth.

Info2023-09-06T13:49:57-04:00May 2nd, 2023|Press Releases, State Budget|