Office of the New York State Comptroller DiNapoli Releases Reports on City and State Budgets

 

Comptroller DiNapoli Releases Analysis of Enacted State Budget

The Enacted Budget for State Fiscal Year 2025-26 is projected to total $254 billion, a 5.2% increase in spending at a time when new federal actions on funding and policy may change the relationship between the federal government and states. Actions that have already occurred at the federal level, paired with potential Congressional action, may mean that in the upcoming months New York will see challenges to the recently Enacted State Budget, according to a report by Comptroller DiNapoli.

“The stakes are high for New York if the cuts being discussed in Washington occur,” DiNapoli said. “The state needs to do what it can to stabilize finances, build reserve funds, focus on efficient service delivery and develop a strategy for how to contend with federal changes. The final budget had some measures built into help navigate this uncertainty, but the state needs to do what it can to prepare in a transparent manner before our options are even more limited.”

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NYC’s Finances Benefiting From Better Than Expected Revenues

Stronger than anticipated revenues and lower costs for asylum seekers will help New York City balance its $118 billion fiscal year 2026 budget, according to a report by Comptroller DiNapoli. However, potential fiscal challenges are emerging, including continued uncertainty regarding federal policy and economic conditions, and fiscal risks from anticipated federal budget cuts. These challenges could limit the city’s potential revenue upside and make it harder to continue to fund recent spending additions for discretionary programs and maintain services.

“New York City’s fiscal outlook has improved since January as revenues have surpassed the city’s expectations, supported by the financial industry’s strong performance,” DiNapoli said. “But the economic conditions that drove higher revenues may be softening and local fiscal pressures could be exacerbated by decisions made at the federal and state levels. Boosting budget contingencies and setting money aside in its Rainy Day Fund would help the city manage fiscal challenges that may arise and help mitigate the impact to public services.”

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Physical and Financial Conditions at Selected Mitchell-Lama Developments in New York City (Follow-Up)

Comptroller DiNapoli released a follow-up report on the physical and financial conditions of selected Mitchell-Lama developments in New York City. This report assesses the extent to which previous recommendations to protect residents' health and safety and ensure proper use of funds have been implemented.

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Livingston County Woman Pleads Guilty to Stealing Over $25,000

Comptroller DiNapoli, Livingston County District Attorney Ashley Williams and New York State Police Superintendent Steven G. James announced that a Livingston County woman pleaded guilty to stealing more than $25,000 in New York state pension payments made to her deceased mother.

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A L S O   I N   T H E   N E W S

• Comptroller Tom DiNapoli’s analysis of the state budget
• More comptroller oversight is needed on NY state budget
• Vacant apartments, questionable spending plague some NYC affordable housing, audit finds
• Woman admits to stealing $25K in pension from late mother
• NYC May Face Annual Budget Gaps of $13 Billion, DiNapoli Says
• Comptroller DiNapoli: NYS Budget may not be ready to deal with fed cuts

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