Albany, New York, January 13, 2026
New York State Comptroller Tom DiNapoli has announced a positive financial assessment for the state, noting a significant operating surplus of $9.6 billion as of March 31, with a total fund balance reaching $60 billion. The state’s net position has improved, primarily driven by increased revenue from federal grants and personal income tax. Policymakers must maintain efficient operations while being prepared for challenges in federal revenues. The Comptroller’s office remains essential for ensuring financial accountability in the state’s operations.
Albany, New York – State Comptroller Reports Positive Financial Outlook
Albany, New York – New York State Comptroller Tom DiNapoli has provided an optimistic assessment of the state’s financial health, highlighting a significant operating surplus and a positive outlook for the upcoming fiscal year.
Operating Surplus and Fund Balance
As of March 31, 2025, the state reported a General Fund operating surplus of $9.6 billion, an increase from the previous year’s surplus of $7.4 billion. This surplus has bolstered the fund balance to $60 billion, indicating a strong capacity to meet financial obligations.
Net Position and Debt Levels
The state’s net position, a broader measure of financial condition, rose by $15.5 billion to a surplus of $60.8 billion. This improvement is primarily due to increased revenue from federal grants and taxes. Total debt outstanding stood at $62.2 billion, a modest increase of $619 million from the previous year.
Revenue Sources and Expenditures
Federal aid and personal income tax remain the state’s primary revenue sources. The largest expenditures are directed toward health and education programs. In the fiscal year 2024-25, total revenues for government activities were $284 billion, while expenses totaled $266.8 billion.
Economic Growth and Future Outlook
The fiscal year 2024-25 experienced ongoing economic growth, enhancing the state’s financial position. Looking ahead, policymakers may face challenges due to potential changes in federal revenues. Emphasis on efficient operations and maintaining reserve funds is recommended to safeguard critical state services during economic downturns.
Background on the Comptroller’s Role
The New York State Comptroller serves as the chief fiscal officer, overseeing the state’s financial operations, including managing the state pension fund, auditing state agencies, and issuing financial reports. The Comptroller’s office plays a crucial role in ensuring transparency and accountability in state finances.
Recent Financial Reports
The Annual Comprehensive Financial Report for the fiscal year ending March 31, 2025, provides detailed insights into the state’s financial status. The report is available on the Office of the State Comptroller’s website.
Conclusion
Comptroller DiNapoli’s report reflects a positive financial trajectory for New York State, characterized by increased surpluses and a stable debt profile. Continued economic growth and prudent fiscal management are essential to maintain this favorable outlook.
FAQ
What is the current operating surplus of New York State?
As of March 31, 2025, New York State reported a General Fund operating surplus of $9.6 billion, an increase from the previous year’s surplus of $7.4 billion. This surplus has increased the fund balance to $60 billion, indicating a strong capacity to meet financial obligations.
What are the primary revenue sources for New York State?
The primary revenue sources for New York State are federal aid and personal income tax. These sources contribute significantly to the state’s budget, supporting various programs and services.
How does the state’s debt level compare to the previous year?
As of March 31, 2025, New York State’s total debt outstanding was $62.2 billion, a modest increase of $619 million from the previous year. This indicates a stable debt profile for the state.
What are the largest expenditures in New York State’s budget?
The largest expenditures in New York State’s budget are directed toward health and education programs. These areas receive significant funding to support various services and initiatives.
What is the role of the New York State Comptroller?
The New York State Comptroller serves as the chief fiscal officer, overseeing the state’s financial operations, including managing the state pension fund, auditing state agencies, and issuing financial reports. The Comptroller’s office plays a crucial role in ensuring transparency and accountability in state finances.
Key Features
| Feature | Details |
|---|---|
| Operating Surplus | $9.6 billion as of March 31, 2025, an increase from $7.4 billion the previous year. |
| Fund Balance | Increased to $60 billion, indicating strong financial health. |
| Net Position | Rose by $15.5 billion to a surplus of $60.8 billion. |
| Total Debt Outstanding | Stood at $62.2 billion, a modest increase of $619 million from the previous year. |
| Primary Revenue Sources | Federal aid and personal income tax. |
| Largest Expenditures | Health and education programs. |
| Comptroller’s Role | Chief fiscal officer overseeing financial operations, managing the state pension fund, auditing state agencies, and issuing financial reports. |
Now Happening on X
- @DWood371 (January 8, 2026): Questions how the state can fund new initiatives amid a $34.3 billion cumulative budget gap through FY2029, citing Comptroller DiNapoli’s forecast and upcoming federal cuts. View on X
- @mzpincali (January 8, 2026): Highlights New York State’s growing structural budget deficit, projected at $34.3 billion through 2029, expressing skepticism about its management. View on X
- @realFishchaser (January 8, 2026): Criticizes state spending as reckless amid financial challenges, urging New Yorkers to demand accountability. View on X
- @JEAvalon (January 6, 2026): Warns that New York State and City face severe financial risks due to ongoing fraud, corruption, and poor management, as reported by Comptroller DiNapoli since 2007. View on X
- @Lisa86550169 (January 11, 2026): Notes the NYC comptroller’s report of an existing city deficit expected to reach $10 billion next year, expressing concern over Governor Hochul’s spending. View on X
- @carfolks (January 8, 2026): Questions funding sources for state programs given the $34.3 billion three-year budget gap from revised economic forecasts and rising spending. View on X
- @GordyGlo (January 9, 2026): Points out NY State’s $368 billion debt in 2025, arguing that additional spending like $4.5 billion on childcare is unsustainable without more taxpayer funds. View on X
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