NYC Faces Imbalance of Taxes, Spending With Albany, New CNYCA-CUNY Study Finds
Although New York City provides 54.5 percent of revenues to State government, it receives only 40.5 percent of State operating expenditures, a new report undertaken jointly by researchers at the Center for New York City Affairs and the Institute for State & Local Government at the City University of New York shows.
The report, “The Fiscal Flow Between New York City and Albany,” also finds that New York City accounts for 60.7 percent of the state’s Gross Domestic Product. That is up significantly from 54.3 percent in 2010, when the Rockefeller Institute of Government made a similar analysis.
The study, funded by the New York City Office of Management and Budget, draws on a range of sources, including City and State revenue and spending data, the American Community Survey of the U.S. Census Bureau, and the Bureau of Economic Affairs. (All figures in the report are aligned with New York State Fiscal Year 2021-2022, the most recent period for which they were available when research began.)