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New York's Numbers

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Why Taxpayers and Businesses in Upstate New York Need to Get Engaged Now!

Published in: News & Politics, Business
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New York's Numbers

  1. 1. New York’s Numbers Why Taxpayers and Businesses Need to Get Engaged Now!
  2. 2. <ul><li>Fiscal Reality </li></ul>
  3. 3. <ul><li>$2,200,000,000 </li></ul><ul><ul><li>Projected shortfall after the budget was passed </li></ul></ul>
  4. 4. <ul><li>$3,100,000,000 </li></ul><ul><li>Projected deficit in July </li></ul>
  5. 5. <ul><li>$4,100,000,000 </li></ul><ul><li>Current projected deficit by Comptroller DiNapoli </li></ul>
  6. 6. <ul><li>$7,000,000,000 </li></ul><ul><li>Federal stimulus $$$ used this year to offset spending increases </li></ul>
  7. 7. <ul><li>$8,000,000,000 </li></ul><ul><li>New taxes and fees in the recently enacted budget to offset spending </li></ul>
  8. 8. <ul><li>$9,200,000,000 </li></ul><ul><ul><li>Projected budget deficit next year </li></ul></ul>
  9. 9. <ul><li>$38,000,000,000 </li></ul><ul><ul><li>Projected deficit over the next 3 years </li></ul></ul>
  10. 10. <ul><li>$149,000,000,000 </li></ul><ul><li>Projected state budget for 2012-13 </li></ul>
  11. 11. <ul><li>Realistic Trends </li></ul>
  12. 12. For a quarter century New York State spending has been growing steadily New York State Operating Fund Disbursements, New York State Personal Income and U.S. Consumer Price Index , 1984-2009 (indexed, 1985 =100) Sources: State of New York, Office of State Comptroller, United States Department of Labor, Bureau of Labor Statistics, Consumer Price Index, All Urban Consumers (CPI – U), United States Department of Commerce, Bureau of Economic Analysis, Regional Economic Accounts, State Annual Personal Income
  13. 13. 67% of the budget goes to school aid, Medicaid, and employee salaries and benefits New York State Operating Spending by Major Category $78.2 B Fiscal Year 2008-09 Cash Disbursements Source: New York State Division of Budget, Fiscal Year 2009-10 Financial Plan, First Quarter Update, July 30, 2009
  14. 14. Personal Income, Sales / Use, and Business Income Taxes equal 75% of the base State Operating Revenues by Major Category $75.2B Fiscal Year 2008-09 Cash Receipts Source: New York State Division of Budget, Fiscal Year 2009-10 Financial Plan, First Quarter Update , July 30, 2009 New York State Division of Budget, Fiscal Year 2009-10 Financial Plan, First Quarter Update , July 30, 2009
  15. 15. Big taxes are shrinking – Down by 23% from last year and 8% from the original enacted budget projection for this year General Fund Tax Collections for Three Major Taxes* April to August - Last Year Compared to this Year Down 23% Source: New York State Comptroller and New York State Division of Budget Notes:*Personal Income Tax adjusted for State-City offset payments $17.0B $13.1B

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