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NY Report

NY Report

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Published by: liz_benjamin6490 on Dec 18, 2012
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Report of theState Budget Crisis Task Force
 
NEW YORK REPORT
 
 
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More information is available atwww.statebudgetcrisis.org
State Budget Crisis Task Force, December 2012This is a report of the State Budget Crisis Task Force, prepared by Task Force member CarolO'Cleireacain in consultation with the Task Force’s partners in New York at the RockefellerInstitute of Government.
 
 
Table of Contents
A Statement from the Task Force Co-Chairs ................................................................................ 3Foreword ......................................................................................................................................... 6Summary ........................................................................................................................................ 7
Medicaid Spending Crowding Out Other Needs ...................................................................................................... 7Federal Deficit Reduction Threatens the Budget .................................................................................................... 8Rising Retirement Costs ........................................................................................................................................... 9Revenue Erosion Volatility ..................................................................................................................................... 10Local Government Fiscal Stress ............................................................................................................................ 10Education Needs .................................................................................................................................................... 10Vast Infrastructure Needs ..................................................................................................................................... 11Debt ........................................................................................................................................................................ 12Conclusions ............................................................................................................................................................ 12
Background ................................................................................................................................ 14
Budgetary Reform Efforts ...................................................................................................................................... 15
How Cash Budgeting Focused on the Short Term Enablesand Encourages Structural Deficits ......................................................................................... 16
The Structural Deficit ............................................................................................................................................. 17Nonrecurring Resources and Gimmicks ............................................................................................................... 18Planning, Budgeting, And Reporting: Managing Over the Business Cycle ......................................................... 20
Medicaid: The Most Extensive and Expansive Program in the Nation .................................... 23
Reform .................................................................................................................................................................... 23Impact of Implementing the Affordable Care Act (ACA) in New York .................................................................. 24
Federal Deficit Reduction Threatens State Finances .............................................................. 26Pensions and OPEB .................................................................................................................... 27
Pensions ................................................................................................................................................................. 27OPEB ....................................................................................................................................................................... 31
Revenue Erosion and Volatility .................................................................................................. 33
Narrowing Tax Base ............................................................................................................................................... 33Income Tax Volatility .............................................................................................................................................. 34
Local Government Risks ............................................................................................................ 36
State Policies .......................................................................................................................................................... 36Recent Events ........................................................................................................................................................ 38New York City .......................................................................................................................................................... 38

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