State Pension Fund Valued at $309.7 Billion
Comptroller DiNapoli announced that the estimated value of the New York State Common Retirement Fund was $309.7 billion at the end of the first quarter of State Fiscal Year 2026-27, with Fund investments returning an estimated 6.12% for the quarter.
Comptroller DiNapoli noted the Fund returned another strong quarter despite several factors including persistent inflation, higher energy prices, and ongoing geopolitical conflicts. The Fund’s disciplined investment strategy is focused on diversification, responsible risk management, and long-term stability, to achieve the Fund’s purpose of protecting the retirement security of New York’s public workers, retirees, and their families.
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MTA Unlikely to Meet 2040 Target for 100% Zero-Emission Bus Fleet
According to an audit released by Comptroller DiNapoli, the Metropolitan Transportation Authority (MTA) is unlikely to meet its 2040 target for replacing its 5,800-bus fleet with zero-emission buses. The audit identified multiple challenges that have put the 2040 target in jeopardy, and in response to the audit the MTA announced steps to address those issues.
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Growing Number of Local Governments Reporting Plans To Override Property Tax Cap
With many local governments under fiscal pressure, more local governments and school districts have in recent years reported to the Office of the New York State Comptroller that they plan to override the property tax cap, according to a report released by Comptroller DiNapoli. While a planned override suggests that local officials may be concerned about a potential budget shortfall, it does not necessarily mean that they will exceed the cap for that year. Comptroller DiNapoli urged local officials to communicate with the public and be transparent about their fiscal challenges and plans for addressing them.
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Adult-Use Cannabis Tax Revenue Update
All counties and New York City are eligible to receive adult-use cannabis tax revenue from the sale of adult-use cannabis products sold within their jurisdiction. Between April and June of this year, the Office of the State Comptroller distributed $17.6 million in adult-use cannabis tax revenue to New York’s counties and New York City. To promote transparency and accountability, Comptroller DiNapoli’s office maintains an interactive map, which tracks these revenues by region and the number of dispensaries by county.
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A L S O I N T H E N E W S
- Comptroller DiNapoli’s office found the state DEC lacks reliable information on how much material is recycled across the state
- Audit shows MTA way behind on electric bus plan in latest blow to NY's clean energy switch
- MTA risks falling short of its 2040 zero-emission bus fleet goal, state comptroller audit finds
- Taxing the limit: Property tax cap overrides up across New York, DiNapoli says
- New York pension fund reaches $309.7 billion after 6.12% quarterly return
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