Publications.budget.ny.gov

NEW YORK STATE

K. Rogers

2009-10 FINANCIAL PLAN FIRST QUARTERLY UPDATE

DAVID A. PATERSON, GOVERNOR

ROBERT L. MEGNA, DIRECTOR OF THE BUDGET

JULY 30, 2009

TABLE OF CONTENTS

INTRODUCTION .....................................................................................................1

OVERVIEW....................................................................................................................... 3 Highlights ..................................................................................................................... 3 Financial Plan At-A-Glance .......................................................................................... 4 Summary ...................................................................................................................... 5 Revisions to the General Fund Enacted Budget Financial Plan................................... 7 Discussion of General Fund Receipts Revisions ......................................................... 8 Discussion of General Fund Disbursement Revisions ................................................. 9 Legislative Session Changes ..................................................................................... 11 Update on Other Financial Plan Issues...................................................................... 12 State Workforce ......................................................................................................... 13 Debt Reform Cap ....................................................................................................... 14 Annual Spending Growth ........................................................................................... 14 2009-10 Projected Closing Balances ......................................................................... 15 Financial Plan Risks ................................................................................................... 17

GENERAL FUND OUTYEAR PROJECTIONS .............................................................. 19 Outyear Receipts Projections..................................................................................... 21 Outyear Disbursement Projections............................................................................. 21

YEAR-TO-DATE OPERATING RESULTS..................................................................... 27 General Fund ............................................................................................................. 27 State Operating Funds ............................................................................................... 29 Capital Projects Funds ............................................................................................... 30 Federal Operating Funds ........................................................................................... 31 Annual Change .......................................................................................................... 31

ECONOMIC OUTLOOK ................................................................................................. 33 National Economy ...................................................................................................... 33 New York State Economy .......................................................................................... 36

ALL FUNDS RECEIPTS PROJECTIONS ...................................................................... 39 Updated All Funds Receipts Projections .................................................................... 39

ALL FUNDS DISBURSEMENTS PROJECTIONS......................................................... 59 Updated All Funds Disbursements Projections .......................................................... 59

UPDATED HCRA FINANCIAL PLAN ............................................................................ 63

GAAP-BASIS FINANCIAL PLANS/GASB 45 ............................................................... 67

DEBT/CAPITAL UPDATE .............................................................................................. 69 Capital and Debt Summary ........................................................................................ 69 Debt Service Budget - Capital Spending Impacts ...................................................... 70 Debt Reform Act......................................................................................................... 72

GLOSSARY OF ACRONYMS ........................................................................................ 75

INTRODUCTION

This First Quarterly Update to the Financial Plan (the "First Quarterly Update" or "Updated Financial Plan") revises the State's fiscal projections for the 2009-10 through 2012-13 fiscal years that were set forth in the Enacted Budget Financial Plan issued on April 28, 2009. The Updated Financial Plan reflects (a) updated receipt and disbursement estimates based on DOB's1 revised economic forecasts for the nation and State, operating results through the first three months of the 2009-10 fiscal year, a review of factors affecting the long-term current services forecast, and other information and (b) an estimate of the fiscal impact of bills passed by the Legislature in the 2009 regular session and approved by the Governor.

The Updated Financial Plan is intended to assist the Legislature and public in understanding the current operating forecast and the impact on State finances over a multi-year period. It is available on-line at budget.state.ny.us or by contacting the Division of the Budget, State Capitol, Albany, NY 12224, (518) 474-8282.

1 Please see Glossary of Acronyms for the definitions of commonly used acronyms and abbreviations that appear in the text.

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