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.
FPI Testimony on “City of Yes”
My name is Emily Eisner, and I am an Economist working with the Fiscal Policy Institute. I am testifying in support of the “City of Yes” plan. The City must pass the zoning reforms included in City of Yes, and, in addition, the City must increase investment in housing affordability through expanded fiscal measures. These two sets of policies — zoning reform to allow for increased supply, and fiscal support for housing affordability — work together.
Understanding Foundation Aid: How Public School Funding Works in New York State
Public school funding is allocated to local school districts based on formulas specified in state law, primarily through a formula known as Foundation Aid. This brief explains the State’s rules that govern public school funding.
Fact Sheet: Climate Change Superfund Act
Last month, both the Senate and Assembly of the New York State legislature passed the Climate Change Superfund Act (S.02129). The Act, first introduced during the FY 2022 budget cycle, would require the largest fossil fuel companies to pay a total of $75 billion — to be paid over 25 years in $3 billion annual increments — to New York State.
Statement on First Quarterly Update to FY 2025 Budget
The First Quarterly Update to the State’s financial plan indicates the State remains on strong fiscal footing, with modestly higher revenue than projected in the Enacted Budget financial plan and lower spending than expected. Measured as a share of total state personal income, State spending is set to fall, and is on par with its fiscal year 2016 level.
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.
Statement on New York City Budget Agreement
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.
Temporary MTA Funding Plan Jeopardizes New York’s Fiscal Future
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.
Enacted Budget Financial Plan Shows Healthy Fiscal Outlook
The fiscal year 2025 enacted budget totals $237 billion, an inflation-adjusted decline of 0.4 percent from fiscal year’s 2024 total budget. In non-inflation-adjusted terms (nominal dollars) this represents an increase from fiscal year 2024’s total budget of $231.6 billion.
FPI on NYC FY25 Executive Budget: Real Revenue Not Aligned with City’s Pessimistic Forecasts
Under the fiscal year 2025 executive budget, inflation-adjusted state funding would fall for a third consecutive year. While State spending rose in response to Covid, it will return to its pre-Covid trend by fiscal year 2025.
Fact Sheet on Fiscal Year 2025 Enacted Budget
The fiscal year 2025 enacted budget totals $237 billion, an inflation-adjusted decline of 0.4 percent from fiscal year’s 2024 total budget. In non-inflation-adjusted terms (nominal dollars) this represents an increase from fiscal year 2024’s total budget of $231.6 billion.
FPI on Housing, Healthcare, Education & Climate in FY 2025 Enacted Budget
Under the fiscal year 2025 executive budget, inflation-adjusted state funding would fall for a third consecutive year. While State spending rose in response to Covid, it will return to its pre-Covid trend by fiscal year 2025.
Modest Budget Fails to Make Investments Needed to Address Affordability Crisis & Stem Population Loss
Under the fiscal year 2025 executive budget, inflation-adjusted state funding would fall for a third consecutive year. While State spending rose in response to Covid, it will return to its pre-Covid trend by fiscal year 2025.
Fact Sheet on Proposed Housing Deal
The housing deal currently under consideration in budget negotiations (as publicly reported) would create new tax incentives for affordable housing developers, weaken certain tenant protections passed in 2019, and impose a watered-down version of “Good Cause Eviction” with significant exemptions and loopholes.
Debunking Common Misconceptions about the Size of the State Budget
Under the fiscal year 2025 executive budget, inflation-adjusted state funding would fall for a third consecutive year. While State spending rose in response to Covid, it will return to its pre-Covid trend by fiscal year 2025.