New York State Ranks 30th in States’ Balance of Payments with Washington
The surge in federal spending in response to the COVID-19 pandemic significantly improved New York’s per capita ranking in the federal balance of payments from 49th in 2019 to 30th in Federal Fiscal Year 2021, according to a report released by State Comptroller DiNapoli. The report found that for the second year in a row all states had a positive balance of payments thanks to emergency federal relief aid.
“New York’s per capita ranking jumped because of pandemic funding for fiscal recovery, economic support, Medicaid and vaccine manufacturing contracts,” said State Comptroller DiNapoli. “This significant improvement reflects short-term measures, however, not enduring policy changes. As the temporary aid winds down, the underlying trends are likely to return, with New York reverting to getting far less from Washington than it sends.”
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The surge in federal spending in response to the COVID-19 pandemic significantly improved New York’s per capita ranking in the federal balance of payments from 49th in 2019 to 30th in Federal Fiscal Year 2021, according to a report released by State Comptroller DiNapoli. The report found that for the second year in a row all states had a positive balance of payments thanks to emergency federal relief aid.
“New York’s per capita ranking jumped because of pandemic funding for fiscal recovery, economic support, Medicaid and vaccine manufacturing contracts,” said State Comptroller DiNapoli. “This significant improvement reflects short-term measures, however, not enduring policy changes. As the temporary aid winds down, the underlying trends are likely to return, with New York reverting to getting far less from Washington than it sends.”
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Value of IDA Projects Grew 10% in 2021 to $126 Billion
New York’s 107 local Industrial Development Authorities (IDAs) reported 4,324 active projects with an aggregate value of $126 billion in 2021, a 10.4%, or $11.9 billion, increase compared to 2020, according to a report released by State Comptroller DiNapoli. The number of IDA projects increased by 1.5%.
New York’s 107 local Industrial Development Authorities (IDAs) reported 4,324 active projects with an aggregate value of $126 billion in 2021, a 10.4%, or $11.9 billion, increase compared to 2020, according to a report released by State Comptroller DiNapoli. The number of IDA projects increased by 1.5%.
School & Municipal Audits
ALSO IN THE NEWS THIS WEEK
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- Report: Federal pandemic aid sent more money back to New York
- State comptroller: OPWDD failed to provide timely pandemic-era guidance
New Yorkers with disabilities face persistent challenge, audit finds
DiNapoli: Value of IDA projects grew 10% in 2021 to $126 billion
- New York Common Commits $1.3 Billion to Sustainable Program
Note: Some news links may require a paid subscription.
- Report: Federal pandemic aid sent more money back to New York
- State comptroller: OPWDD failed to provide timely pandemic-era guidance
New Yorkers with disabilities face persistent challenge, audit finds
DiNapoli: Value of IDA projects grew 10% in 2021 to $126 billion
- New York Common Commits $1.3 Billion to Sustainable Program
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