The last update to New York State’s financial plan, issued in early November, projected state operating funds budget gaps as far as the eye could see. Nothing new there: out-year projected shortfalls have been a feature of state budgets in New York since the current accounting system was enacted 30 years ago, and Governor Cuomo could accurately argue the gaps have gotten smaller on his watch. Read More
Rising debts and liabilities for pensions and retiree health care could soon translate into higher borrowing costs for at least nine New York local governments, including a half dozen of the largest counties and towns in the state. They’re facing possible bond rating downgrades as part of a nationwide review of local ratings by Moody’s Investors Service. Read More
Public subsidies of sports arenas, stadiums and ballparks “cannot be justified on the grounds of local economic development, income growth or job creation, those arguments most frequently used by subsidy advocates.” Read More
A full year after the official start of construction on a replacement for the Tappan Zee Bridge, Governor Cuomo still isn’t leveling with New Yorkers on how he will pay for the $4 billion project, Nicole Gelinas and I write in a New York Post op-ed today. Read More
In his fourth annual State of the State message tomorrow, Governor Andrew Cuomo will (naturally) seek to highlight the most positive aspects of New York’s economic performance under his leadership. Read More
When Gov. Cuomo won passage of what he described as a “historic” and “transformational” budget early in his tenure, one of the key details he touted was the enactment of a permanent state law capping annual increases in school aid to the rate of growth in personal income. Read More
New York’s monthly employment data continue to show a striking regional divergence in job-creation trends. According to today’s Labor Department report, as of November, year-to-year statewide private sector employment growth in New York slightly trailed the national average — with the economic weakness concentrated in upstate New York. Read More
Based on inflation trends through the first 11 months of 2013, it looks like the starting point for property tax levy caps affecting 2014-15 school budgets across New York will be lower than 2 percent. Read More
A bill implementing a larger New York City income tax hike than the one proposed by Mayor-elect Bill de Blasio has been introduced in the Legislature by state Sen.Adriano Espaillat, a Democrat representing upper Manhattan and the Bronx. Read More
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