Comptroller Thomas DiNapoli just issued a set of fiscal reform proposals designed to address the continuing lack of accountability and transparency in key areas of New York's budget. While by no means representing a fiscal panacea, they are solid ideas, deserving of broad public and legislative support.
New York's 2 percent local property tax levy cap has passed another important legal test, prevailing in the state's mid-level appeals court over a constitutional challenge from the state's largest teachers' union.
Governor Cuomo’s $15 minimum wage plan will cost the state’s Medicaid program more than $100 million over the next two years, according to figures in a budget analysis released Wednesday by state Comptroller Tom DiNapoli.
Whether they know it or not, New York State taxpayers are locked in a high-stakes partnership with a billionaire whose high-tech business empire has been "fueled by his voracious appetite for risk and unyielding confidence."
Among the nation's four most populous states, New York is better prepared than California to weather the next recession—but not as well-prepared as Florida and Texas, according to fiscal stress test results from Moody's Investor Service.
The rate of private sector job creation in major upstate metro areas remained very low during the 12-month period ending in March, according to the latest state labor statistics.
Now that the state has enacted its biggest personal income tax cut since the mid-1990s, a prime task facing Governor Andrew Cuomo and the Legislature next year will be figuring out how to accommodate the tax cut in future budgets.
New York's budget for fiscal 2017 includes the state's biggest and broadest personal income tax cut since the mid-1990s.
Equally significant, the income tax section (Part TT) of the budget's revenue bill decouples the previously temporary cuts in middle-income brackets, which will now be expanded and extended permanently, from the state's "millionaire tax," which is still due to expire at the end of 2017.
The new state budget will fund a 35 percent expansion of a murky $1.1 billion pork-barrel slush fund controlled by Governor Andrew Cuomo and state lawmakers.
While legislative leaders and Governor Cuomo were cooking their latest backroom state budget deal, the New York City Independent Budget Office was issuing five years' worth of updated statistics showing how heavily the city already depends on the volatile earnings of taxpayers at the top of the income pyramid.
Employment growth in most upstate New York regions remained weak during the year ending in February, according to the latest monthly state Department of Labor jobs report.
Upstate New York's population began to decline at a faster rate between mid-2014 and 2015, according to updated Census Bureau estimates.