New York City Economic and Fiscal Monitoring

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New York City Economic and Fiscal Monitoring

The Office of the State Deputy Comptroller for the City of New York monitors New York City's fiscal condition, assists the New York State Financial Control Board, and regularly reports on the City's financial plans, major budgetary and policy issues; economic and economic development trends, and budgetary and policy issues affecting public authorities in the region, including the Metropolitan Transportation Authority. For questions, contact us at [email protected].

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Featured Dashboard

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Agency Services Monitoring Tool

MONTHLY UPDATES TRACK PERFORMANCE, STAFFING AND SPENDING

The Office of the New York State Comptroller developed a tool that displays performance indicators, staffing levels and spending commitments assigned to a City service since January 2020. While there are many factors that affect service demand and provision, the tool can provide some insight on existing operational or budgetary phenomena or the emergence of potential risks to the City’s budget and the provision of certain services.

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Review of the Financial Plan of the City of New York

BUDGET BALANCED WITH STRONG REVENUES AND COST SAVINGS

Higher-than-projected revenue and cost-saving initiatives have helped New York City’s fiscal year (FY) 2024 budget generate a projected year-end surplus of $3.9 billion that will be used to prepay expenses for the next fiscal year, helping the City balance its FY 2025 executive budget. Still, this report cautions that budget gaps are likely to be larger-than-anticipated by the City in the coming years, underlining the importance of adding to reserves now while revenues are strong and formalizing a policy for managing reserves in the future.

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  New York State Comptroller Thomas P. DiNapoli purchasing a pretzel from a NYC street vendor

Tracking the Return: The Tourism Industry in New York City

Tourism Related Jobs and International Visitors Still Lag

New York City’s tourism sector is approaching a complete recovery as visitor spending and related tax revenue have surpassed pre-pandemic levels. The City now estimates it will exceed pre-pandemic levels and welcome a record 68 million visitors by 2025. The number of visitors had reached a previous record of 66.6 million in 2019 before the COVID-19 pandemic devastated this thriving industry, resulting in a 66.5% decline in visitors to 22.3 million in 2020.

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Annual Update: Metropolitan Transit Authority's Debt Profile

Questions Leave Repairs, Maintenance and Upgrades in Doubt

The MTA’s capital program for maintaining and upgrading the regional transit system faces significant delays due to potential funding shortfalls caused by the late implementation of congestion pricing. The MTA should explain how it intends to prioritize its needs so that its choices do not result in disinvestment in the system, noting that bringing riders back would be one of the most direct routes for the MTA to reduce its debt burden over the long term.

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2024 Update on New York City Staffing Trends

GOVERNMENT WORKFORCE EXPECTED TO INCREASE FOR FIRST TIME SINCE PANDEMIC

New York City’s full-time government workforce is expected to increase for the first-time year-over-year since the COVID-19 pandemic. However, high turnover and vacancy rates exist at several City agencies. The City should continue efforts to increase and expedite hiring where needed to ensure critical agencies and departments can meet demands and provide quality services to residents.

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Steam coming out of a construction pipe on the streets of New York

A Review of NYC Capital Project Delivery

Better Reporting and Monitoring of NYC Capital Projects Needed

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. Recent reforms to the City’s capital planning process have focused on improving the delivery of projects, but little detail is available in public documentation about what is fueling these cost and schedule overruns. With closer, more uniform monitoring of capital projects, the City can better identify where additional improvement is needed.

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New York City's Uneven Recovery: Foreign-Born in the Workforce

NYC IMMIGRANT WORKFORCE BELOW 2015 PEAK

The size of New York City’s immigrant workforce was flat over nearly a decade. Through 2023, the foreign-born labor market grew 18.5% since 2015 nationally, while New York City’s declined 0.6%, according to data analyzed from the Bureau of Labor Statistics. Still, in 2023, New York City’s 1.8 million foreign-born workers made up 44.3% of its total labor force, more than double the national share of 18.6%.

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New York City Industry Sector Dashboards

MONTHLY UPDATES TRACK THE CITY’S ECONOMIC RECOVERY

The COVID-19 pandemic hit New York City particularly hard, causing massive job losses at major employers such as restaurants, hotels and retail stores. These dashboards follow a series of reports released over the past two years tracking economic data and the effect of the pandemic on these critical sectors and will help identify areas of weakness as well as positive developments.

Arts, Entertainment and Recreation Sector

Construction Sector

Office Sector

Restaurant Sector

Retail Sector

Securities Sector

Tourism Sector

Transportation and Warehousing Sector

Charts showing the drop in funding for New York City's agencies

Identifying Fiscal Cliffs in New York City’s Financial Plan

DROP IN FUNDING COULD IMPACT SERVICES FOR RESIDENTS

New York City’s published financial plan includes funding for some recurring spending initiatives for only a limited period, creating additional risks to already identified budget gaps. The Office of the State Comptroller has created a tool to identify sources and uses of funds for City programs that are not fully funded during the remaining years of the City’s financial plan.

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