New York City forecasts a surplus of $965 million in the fiscal year ending in June 2022, based largely on the receipt of $750 million in unrestricted federal aid, and projects outyear gaps to drop by nearly a third from earlier estimates. Despite the positive news, the Office of the State Comptroller has identified several risks that could pose challenges to the City’s budget in the future.
Reports
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Budget & Finances
December 2006 —
This research brief analyzed multiyear financial plans submitted by cities under a new State requirement. The Comptroller's analysis looks at 48 of these plans, excluding New York City. The report notes that quality of these plans varied greatly and urges the State to adopt a formal review and approval process of the plans, as well as more training for city officials.