New York's Numbers

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Information about New York's Numbers
News & Politics

Published on November 23, 2009

Author: UnshackleUPstate

Source: slideshare.net

Description

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

New York’s Numbers Why Taxpayers and Businesses Need to Get Engaged Now!

Fiscal Reality

Fiscal Reality

$2,200,000,000 Projected shortfall after the budget was passed

$2,200,000,000

Projected shortfall after the budget was passed

$3,100,000,000 Projected deficit in July

$3,100,000,000

Projected deficit in July

$4,100,000,000 Current projected deficit by Comptroller DiNapoli

$4,100,000,000

Current projected deficit by Comptroller DiNapoli

$7,000,000,000 Federal stimulus $$$ used this year to offset spending increases

$7,000,000,000

Federal stimulus $$$ used this year to offset spending increases

$8,000,000,000 New taxes and fees in the recently enacted budget to offset spending

$8,000,000,000

New taxes and fees in the recently enacted budget to offset spending

$9,200,000,000 Projected budget deficit next year

$9,200,000,000

Projected budget deficit next year

$38,000,000,000 Projected deficit over the next 3 years

$38,000,000,000

Projected deficit over the next 3 years

$149,000,000,000 Projected state budget for 2012-13

$149,000,000,000

Projected state budget for 2012-13

Realistic Trends

Realistic Trends

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

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

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

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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