Despite the State’s economic recovery since the pandemic first hit three years ago, significant headwinds challenge ongoing economic growth and fiscal stability.
New York faces prolonged inflation, rising federal interest rates and the end of federal relief aid that was instrumental in balancing the past two budgets, according to a report by State Comptroller DiNapoli on the Executive's proposed 2023-24 State budget totaling $227 billion.
“With economic risks and the impending loss of federal financial assistance ahead, now is the time for New York to carefully prepare for the short- and long-term,” said State Comptroller DiNapoli.
DiNapoli’s assessment identifies several economic, revenue, and spending risks and other concerns related to transparency and oversight. In particular, he raised concerns about some debt proposals and about billions excluded from competitive bidding and oversight requirements.