November 4, 2022
Here in New York, key economic reports are critical to our understanding of how New York is doing in the current fiscal year, and what may be in store come January when the Executive will release its’ proposed 2023-2024 budget proposal.
With the exception of the first quarter fiscal update which showed a $2 billion increase over estimates in tax collection for the State fiscal year 2022-23, we have no further empirical updates. So much for transparency!
As we pass the 2nd Quarter, we wanted to share with you what we know:
· The first quarter update from DOB showed a $2 billion increase over estimates in tax collection;
· Local Sales Tax Numbers are trending up 10% despite the gas tax holiday which most counties participated in ;
· No 2nd Quarter update which was due October 1st; and,
· No published or public letter from the Director of the Division of the Budget directing agency budget submittals, this historically is issued on or about September 1st. (The DOB ‘Call Letter” we wrote about earlier this week)
The lack of public information leaves some open questions particularly given the NYS Comptroller’s recent Wall Street report which stated profits are down almost 50% from the same time last year (2021): NYS Comptroller Report on Wall Street.