New York’s tax revenue rosier than expected

October 16, 2022

As we move into budget making season, the NYS Council will continue to keep a close eye on economic indicators and fiscal reports that tell the story of New York’s fiscal health and specifically, how we are faring in the current budget year.  These reports are an indicator of what we may see in the January 2023 executive budget proposal.

Interestingly, to our knowledge the DoB ‘Call Letter’ – a letter the Director of the Division of the Budget (DoB) ordinarily sends at the beginning of October to all state agency leaders, instructing them on the parameters they must follow as they prepare their agency budget proposals, for DoB consideration – has not yet been released to impacted state agencies, and other stakeholders.  Specifically, the Call Letter will indicate whether state agency proposed budgets can include increases, should remain flat, or include reductions in spending.

Here is a link to the latest Cash Report released by the NYS Comptroller:

And, here is an article from State of Politics regarding NYS Tax Revenue in the current fiscal year: