Everything you need to know about ranked-choice voting in one spot. Click to learn more!

New York state budget (2010-2011)

From Ballotpedia
Jump to: navigation, search
Note: This article was last updated in 2011. Click here for more recent information on state budgets and finances.

The New York FY 2011 Comprehensive Annual Financial Report (CAFR), compiled by the state government, can be found here.

The state budget follows an annual cycle.[1] The state's fiscal year runs from April 1 to March 30.[2]

As of July 2010 New York had a total state debt of $122,527,873,429 when calculated by adding the total outstanding debt, pension and OPEB UAAL’s, unemployment trust funds and the 2010 budget gap as of July 2010.[3]

2011 State spending & deficit in billions[4]
Total spending Pension Healthcare Education Welfare Protection Transport Debt Budget gap
$117 $11 $45.4 $15.2 $10.2 $8.1 $12.5 $138.2 $5.4
2011 Local spending & deficit in billions[4]
Total spending Pension Healthcare Education Welfare Protection Transport Debt
$181 $8.9 $16.8 $56.1 $17.2 $15.9 $20.4 $181

Fiscal Year 2011 State Budget

See also: Archived New York state budgets

New York Comptroller Thomas DiNapoli said state tax collections for FY 2011 were $926 million below the original projections in the state budget. For the fiscal year, New York collected $133.3 billion, five percent more than FY 2010. Spending, however, rose to $134.8 billion, an increase of 6.3 percent.[5]

New York had the highest debt per capita for general obligation borrowing at $3,135 per person in 2011.[6] The FY 2011 budget as it was passed increased spending by 2.4 percent over the previous budget.[7]

In December 2010, the National Conference of State Legislatures said that the state faced a shortfall of $315 million, which represented 0.6 percent of the FY 2011 state budget.[8] On December 31, 2010, 900 state employees were laid off.[9][10]

On August 3, 2010, the State Senate finalized the $135.5 billion budget by passing a revenue bill along party lines that completed the state budget and was expected to generate an additional $1 billion.[7][11]

Revenues

The state collected $529 million less in taxes during the first six months of FY 2011 than the state budget office projected in August 2010.[12]

Budget background

See also: New York state budget and finances

Every summer, the Division of the Budget (DOB) sends a call letter to state agencies that sets out the governor’s priorities for the year, anticipated fiscal constraints, and a schedule for submitting budget requests. The DOB is responsible for analyzing agencies' requests and aiding the governor in creating the final state budget.[13]

Agencies usually submit their budget requests to the DOB by early fall. The DOB and New York Comptroller must release a detailed estimate of anticipated income and expenses by November 5. The DOB evaluates the budget requests in light of trends in income and spending, assesses the state’s economic situation and presents their recommendations to the governor.[13]

By mid-January (or February 1st following a gubernatorial election year), the governor must submit his budget plan to the legislature along with related appropriation, revenue and budget bills. Along with the Executive Budget, the governor must submit the state’s Five-Year Financial Plan, Five-Year Capital Program and Financing Plan, and any financial information supporting the Executive Budget. The legislature then analyzes the governor’s proposals, holds public hearings and works with the DOB in evaluating the proposed budget measures. Both houses of the legislature must agree on the income and spending appropriations in the budget bill and submit the amended budget to the governor for his approval. The budget is then sent to the governor for approval, and a final state budget is created for the upcoming fiscal year.[14]

In approving the final state budget, the governor may use a line-item veto to cancel out specific provisions without having to veto the bill in its entirety.[14] The state legislature can override the governor's veto only by a two-thirds majority vote by the members of each house.

Accounting Principles

The Office of the State Comptroller audits state agencies, public authorities, and all local governments in New York, including New York City. The Comptroller's audit reports are published online and can be found The Comptroller's here. The State Comptroller is New York State's chief fiscal officer.[15]

Credit Rating Fitch Moody's S&P
New York[16] AA- Aa3 AA

Budget Figures

General Fund 2009-10[17]

Category FY2009 Amount in millions Actual FY 2010 Amount in millions Estimated
Beginning Balance 1,304 614
Revenues 29,060 27,338
Adjustments 562 0
Total Resources 30,926 27,952
Expenditures 30,312 27,442
Adjustments 0 10
Ending Balance 614 500
Budget Stabilization Fund 0 0

Fiscal 2010 Tax Collections Compared With Projections Used in Adopting Fiscal 2010 Budgets (Millions)[17]

Category Amount
Sales Tax Original Estimate 10,390
Sales Tax Current Estimate 10,005
Personal Income Tax Original Estimate 37,239
Personal Income Tax Current Estimate 34,380
Corporate Income Tax Estimate 5,495
Corporate Income Tax Estimate 5,688

Cuts made to FY2010 budget after passage (in millions)[17]

Category Amount
K-12 Education 40.0
Higher Education 160.0
Public Assistance 23.0
Medicaid 140.0
Corrections 70.0
Transportation 186.0
Other 464.0
Total 1,083.0

See also

Footnotes

  1. ↑ National Conference of State Legislatures, "State Experiences with Annual and Biennial Budgeting," April 2011
  2. ↑ The Wall Street Journal, "New York State Passes Budget," March 31, 2011
  3. ↑ State Budget Solutions, “States Hide Trillions in Debt,” July 22, 2010
  4. ↑ 4.0 4.1 USA Spending, "State Guesstimated* Government Spending"
  5. ↑ WBNG.com, "New York State Tax Collections Below Projections," April 18, 2011
  6. ↑ The San Francisco Chronicle, "How much did California owe?" January 19, 2011
  7. ↑ 7.0 7.1 Cite error: Invalid <ref> tag; no text was provided for refs named nyt
  8. ↑ The Wall Street Journal, “States Face Budget Shortfalls of $26.7 Billion,“ December 8, 2010
  9. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named mess
  10. ↑ New York Daily News, "Albany pols - $7M over budget - would be forced to fire 200 workers next month," December 29, 2010
  11. ↑ The Albany Times Union, "State fiscal woes grow," August 22, 2010
  12. ↑ Bloomberg, "New York State Tax Collections $529 Million Less Than Foreseen in August," October 19, 2010
  13. ↑ 13.0 13.1 Division of the Budget, "Division of the Budget Review"
  14. ↑ 14.0 14.1 Division of the Budget, "Legislative Action"
  15. ↑ The New York Office of the State Comptroller Website, accessed November 2, 2009
  16. ↑ State of Indiana, “State Credit Ratings," June 24, 2009"
  17. ↑ 17.0 17.1 17.2 National Governors Association and National Association of State Budget Officers, "Fiscal Survey of States," June 2010 (dead link)
Flag of New York
v • e
State of New York
Albany (capital)
Elections

What's on my ballot? | Elections in 2025 | How to vote | How to run for office | Ballot measures

Government

Who represents me? | U.S. President | U.S. Congress | Federal courts | State executives | State legislature | State and local courts | Counties | Cities | School districts | Public policy

Retrieved from "https://ballotpedia.org/wiki/index.php?title=New_York_state_budget_(2010-2011)&oldid=9185612"