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

The Essential Plan’s accumulated surplus balloons to $8 billion, with no fix in sight

The state's Essential Plan has generated billions in surpluses as the program automatically drew pandemic relief money that it did not need Read More

Judge, Jury and … CFO?

A state court judge at a hearing this morning will consider whether to interfere with New York City authority over its own budget by ordering a preliminary injunction that ices a portion of Gotham’s recently enacted FY 23 city budget. Read More

State Budget Back in the Red

Historically large budgetary surpluses inherited by Governor Hochul are now just a memory with New York facing projected gaps of $13.7 Billion Read More

New York’s Medicaid costs are soaring at double-digit rates

New York's already high Medicaid spending is growing at a double-digit rate for the second year in a row, recently released state figures show. After dipping during the first year o Read More


Hochul Blames Utilities for Costs of State Climate Policies

Governor Hochul may be in support of the Climate Leadership and Community Protection Act’s (CLCPA) goals, but she clearly doesn’t want anyone to link her to its costs —certainly not now, with a gubernatorial primary lo Read More

Budget’s Historic Spending Hike Shown in Financial Plan Update

Amidst spiking inflation, a market downturn and recession fears, state spending will soar to new heights under the April budget deal, as per (Plan) that the Governor’s budget office quietly i Read More

Stock markets gyrations could make Albany dizzy

Recent stock market trends could punch a hole in New York's overstuffed state budget. Read More

Minimum wage for home care aides is likely to mean bigger raises for downstate than upstate

The newly enacted wage hike for home care aides is likely to increase workers' pay more than three times as much in the New York City area as in other parts of the state, according to a review of labor data. 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!