State of New York

While fiscal 2023 and 2024 budgets remain balanced, outyear gaps increase to $4.2 billion, $6.0 billion and $7.0 billion in fiscal 2025 through 2027, respectively.

Almost a month late, the New York Senate and Assembly are expected to soon pass the $229 billion fiscal 2024 budget.

Proceeds will be used to refund some bonds that had been issued to finance or refinance eligible clean water and drinking water projects in the state.

"I think there is a certain amount of anxiety for New York — and many other states — as federal pandemic funds run out and questions about the potential for a recession emerge," said Evercore's Howard Cure.

The New York Fed said the tech sector's employment contraction impact on the New York City economy was unlikely to be significant.

Comptroller Thomas DiNapoli noted state law requires salary payments to legislators be withheld after March 31 if a budget is not in place.

"If banks become even more reluctant to make new loans, the likelihood of a recession grows," says New York City Comptroller Brad Lander.

New York State Comptroller Thomas DiNapoli talks with Chip Barnett about his proposal for an amendment to the state constitution to limit backdoor borrowing by agencies and give voters a bigger say on bond issuance. (25 minutes)

"As we spoke with our underwriting partners and our municipal advisors, given [market] volatility, we shortened that retail order period to one day," says OMB's David Womack.

"The large taxable refunding or combined transactions were accomplished earlier in the year when rates were relatively low," says John Hallacy.