“New York City’s budget outlook continues to improve, and it can use this opportunity to build reserves and take other actions to address future uncertainty. Despite challenges, the city’s economy continues to grow and deliver better than expected tax revenue, supporting upward revisions in spending. The Fiscal Year 2025 budget is now expected to exceed $115 billion, up from nearly $111 billion projected at the same time last year.

New York State Comptroller Thomas P. DiNapoli today announced the following local government and school audits were issued.

New York State Comptroller Thomas P. DiNapoli, trustee of the New York State Common Retirement Fund (Fund), today announced the Fund’s adoption of its Responsible Workforce Management Policy and Principles (Policy). As part of the Fund’s investment due diligence of new investments within its $38 billion private equity asset class, the new Policy will require an evaluation of relevant workforce management policies and practices.

“After a lengthy process, the state budget includes increased spending and policy changes on issues of importance to New Yorkers, including housing, health care, mental health and education. While year-over-year spending growth appears to be significant, reserves are to be maintained at 15% of spending, consistent with recommendations I have long advocated. Adequate reserve levels are critical, as out year budget gaps and an uncertain economy create future fiscal pressure.

State Comptroller Thomas P. DiNapoli, Oneida County District Attorney Todd Carville, and the New York State Police today announced that Bruce Karam, the former long-time superintendent of the Utica City School District (UCSD), was sentenced to pay the UCSD restitution of $11,549 for the resources improperly diverted, serve five years’ probation and perform 250 hours of community service. Karam was also ordered to pay UCSD $150,000 by May 17, representing a reduction in his pension earnings from the date of his crime until his termination.

New York State Comptroller Thomas P. DiNapoli announced today the following audits have been issued.

Tax collections for State Fiscal Year (SFY) 2023-24 totaled $106.4 billion, over $2 billion higher than forecast by the Division of the Budget (DOB) in the most recent financial plan, according to the March State Cash Report released today by New York State Comptroller Thomas P. DiNapoli. Tax receipts also exceeded the projection in the Consensus Economic and Revenue Forecast Report, which estimated $1.35 billion in additional receipts above DOB estimates through the end of SFY 2024-25.

New York State Comptroller Thomas P. DiNapoli today announced the following local government and school audits were issued.

In February, the Office of the State Comptroller approved 1,533 contracts for state agencies and public authorities valued at $4.8 billion and approved nearly 3.4 million payments worth nearly $12.7 billion. The office rejected 176 contracts and related transactions valued at $3.3 billion and more than 6,200 payments valued at more than $22.9 million, primarily for mistakes, insufficient support for charges, and improper payments. More information on these contracts and payments is available at Open Book New York.

The majority of New York City’s capital projects are over their initial budgets and behind schedule, suggesting better monitoring and reporting could lead to adjustments to improve capital project delivery, according to an analysis released today by State Comptroller Thomas P. DiNapoli.