The state will spend a record $212 billion in the current 2022 Fiscal Year, under the budget its elected leaders adopted in April. How much of that has been spent already, and are revenues continuing to flow in at the surprisingly robust levels last reported?

We don’t know as much as we should. That’s because Governor Cuomo is not fully complying with his obligation under the state Finance Law to issue the First Quarter Financial Plan Update within 30 days of the close of the quarter ending June 30, I.e., July 30th. It’s now more than two weeks late — and counting.

Quarterly financial plan updates are a statutory requirement because the detailed information on spending and revenues keeps budget observers and the public up to date on the state’s fiscal fortunes.

The current tardiness is nothing new; the Cuomo Administration’s financial reporting has been routinely delinquent. Last year the First Quarter Update was released on August 13. And for nine consecutive years Cuomo missed the deadline for the Mid-Year Financial Plan Update, due each year at the end of October. During both fiscal years 2020 and 2013, the Mid-Year report was issued on November 29th – nearly a full month late.

Here’s what’s required by state Finance Law Section 23.4

Quarterly, throughout the fiscal year, the governor shall submit to the comptroller, the chairs of the senate finance and the assembly ways and means committees, within thirty days of the close of the quarter to which it shall pertain, a report which summarizes the actual experience to date and projections for the remaining quarters of the current fiscal year and for each of the next two fiscal years of receipts, disbursements, tax refunds, and repayments of advances presented in forms suitable for comparison with the financial plan submitted pursuant to subdivisions one , four , and five, of section twenty-two of this article and revised in accordance with the provisions of subdivision three of this section. (emphasis added)

As we have noted in the past, former governors Mario Cuomo, George Pataki, Eliot Spitzer and David Paterson generally issued their mid-year reports on schedule or within a day or two of the Oct. 30 deadline.

The staff of the governor’s Division of the Budget (DOB) almost surely compiles the essential data that are the heart of these thick quarterly reports well in advance of the deadline. There’s no good reason for routine, prolonged delays in their release. It’s more a sign of the Cuomo Administration’s disinterest in any transparency that isn’t forcibly compelled (and the Legislature’s apparent disinterest in oversight).

All that makes the timely release of these quarterly financials a good opportunity for Kathy Hochul, once she takes the reins, to deliver the “fully transparent government” she’s promised.

About the Author

Peter Warren

Peter Warren is the Director of Research at the Empire Center for Public Policy.

Read more by Peter Warren

You may also like

Remembering the scandal that brought down Health Commissioner Howard Zucker

The resignation of Dr. Howard Zucker as state health commissioner marks the end of a term marred by scandal over his role in managing the coronavirus pandemic. The much-debated compelling nursing homes to admit COVID-positive patients, though it origi Read More

Projected PIT Haul Brightens State Budget Office’s Fiscal Forecast 

Stronger than expected tax payments this spring led the Governor’s Division of the Budget (DOB) to increase its personal income tax (PIT) revenue projections for the next four years by $8.5 billion above its April pr Read More

After 10 weeks, all but five of the Empire Center’s 63 requests for pandemic data remain unfulfilled

Over the 10 days that Hochul has been in office, there has been no further progress on the Empire Center's record requests. Read More

New York’s health benefits remain the second-costliest in the U.S.

New York's health benefit costs increased faster than the national average in 2020, leaving it with the second-least affordable coverage in the U.S. The state's average total cost f Read More

Can Cuomo still be impeached?

Andrew Cuomo and Donald Trump have more in common than boyhood homes in Queens. Like Trump, Cuomo could still face impeachment and an impeachment trial despite a promise to resign as Governor later this month. Read More

The Gov’s pension

There are several (dozens? hundreds?) of unanswered questions as the fallout from Andrew Cuomo's resignation earlier today continues. Among those are questions related to his pension, some of which can be answered, sort of. Read More

The ARP Opportunity

Some New York local governments  are soliciting input from residents as they decide how to spend  billions in pandemic emergency dollars Read More

Sales Tax Receipts Surge Statewide, Filling Local Government Coffers

Local governments across every region of the state raked in robust sales tax collections during the three months that ended on June 30th Read More

Subscribe

Sign up to receive updates about Empire Center research, news and events in your email.

CONTACT INFORMATION

Empire Center for Public Policy
30 South Pearl St.
Suite 1210
Albany, NY 12207

Phone: 518-434-3100

General Inquiries: Info@EmpireCenter.org

Press Inquiries: Press@EmpireCenter.org

About

The Empire Center is an independent, non-partisan, non-profit think tank located in Albany, New York. Our mission is to make New York a better place to live and work by promoting public policy reforms grounded in free-market principles, personal responsibility, and the ideals of effective and accountable government.

Empire Center Logo Enjoying our work? Sign up for email alerts on our latest news and research.
Together, we can make New York a better place to live and work!