State budgets

The total economic impact from the almost 292 million tourists visiting the Empire State last year was roughly $123 billion.

The state in 2010 sold $1.5 billion of bonds backed by payments from a master settlement agreement with tobacco firms and used the proceeds to pay overdue bills.

Travelers to the Mountain State gave West Virginia a $7 billion boost in 2022, with spending up 17% from pre-pandemic levels, which outpaced the 1% national recovery rate for the tourism industry.

State lawmakers cleared an $83.8 billion spending plan for fiscal year 2024 after a long dispute along party lines over spending provisions and tax cuts.

States nationwide saw slower general fund revenue growth in fiscal 2023 after gains the previous two fiscal years fueled by high inflation and federal stimulus.

After years of surplus from COVID-19 related stimulus, state tax revenues declined by 6.7% in nominal terms and 9.4% in real terms in June when compared with a year prior.

Sports wagering is forecast to increase the state's revenue by about $23 million a year when it's fully implemented. Retail locations open this week and mobile applications go online at the end of the month.

State economists announced during a forecast presentation to lawmakers that taxpayers will see a record "kicker" rebate when they file next year's taxes.

The state is capping transfers of fossil fuel-related revenue to its general fund and will invest money that exceeds the cap through a Severance Tax Permanent Fund.

Municipalities are facing a deadline to obligate COVID-relief money.

Tuesday's competitive new money sale is to be followed with a negotiated refunding deal later this week.

Despite looming economic and social challenges, New York City's economy has proven to be more resilient than projected, New York's comptrollers Brad Lander and Thomas DiNapoli say.

A $40 billion White House supplemental funding request includes $12 billion for FEMA's disaster relief fund, but critics say it may be safer to consider the measure alone.

Costs associated with the influx of migrants could cost the city more than $12 billion over fiscal 2023, 2024 and 2025.

Most states continue to fare well, despite economic shocks and weakening revenue growth.

"During this critical period for our state's future, I'm looking forward to having Blake Washington on my team," Gov. Hochul said.

Almost all of the $1.55 billion surplus will go into the state's rainy-day fund, raising its balance to a record $3.7 billion, a 2,700% jump since 2019.

The puzzling accounting discrepancy, which dates to 2005, threatened to lead to the rescission of $3.5 billion of contract authority for state departments of transportation.

After a tax increase, the Metropolitan Transportation Authority projects five straight years of balanced budgets for the first time in more than 20 years.

The bond division undertook two transactions last week to retire outstanding taxable public education capital outlay and state revolving fund bonds. The transactions used $200 million in program funds, along with additional money, to pay down $400 million in state debt.