New York City's five municipal public pension funds ended their 2020 fiscal year with a net investment gain of 4.44 percent, well below their 7 percent assumed rate of return. That shortfall, reflecting the pandemic recession and its impact on financial markets, is expected to drive up the city's annual tax-funded pension costs by up to $200 million within the next three years. Read More
New York's per-capita Medicaid spending soared to more than double the nationwide rate in 2018, widening its gap with the other 49 states. Read More
New York State’s biggest public pension lost money on its investments during the fiscal year that ended March 31—a completely unsurprising result, given the coronavirus crisis and its impact on financial markets in early spring. Read More
New York's Medicaid program is growing at its fastest rate in six years, with a quarter-million additional enrollees landing in the safety-net health plan during the first three months of the coronavirus pandemic. Read More
State lawmakers this week moved to make public construction more expensive in a bid to steer work to one of New York’s struggling construction unions. Read More
While New York's economy continued to ever-so-slowly recover in June, the Empire State's year-to-year percentage decline in private employment since the pandemic lockdown remained the worst in the continental U.S., according to the latest payroll establishment data from federal and state agencies. Read More
The average cost of New Yorkers' health benefits increased by less than the national average in 2019 but remained among the highest in the U.S., according to recently published federal data. Read More
The state's Medicaid spending was significantly lower than projected in the first quarter, but that's not necessarily a positive sign for state finances. Read More