Reports

New York City’s budget gaps may reach as high as $10 billion in FY 2027 and grow to $13.6 billion by FY 2029, based on risks including slowing economic growth, rising costs and the restructuring of the funding relationship between the federal government, states and their localities. Mindful of the current economic trajectory and what is transpiring in Washington, the City must make balanced and sustainable fiscal choices this year to manage its substantial operational needs and encourage employment and business growth.

The New Yorkers’ Financial Snapshot brings together recent data from national and State sources to provide an overview of household financial health. This snapshot examines key indicators such as income, assets, debt, and financial stress, offering insight into how New Yorkers have fared in recent years and how they compare to national trends.

New York’s young adults — some members of Generation Z (born 1997-2012) and Millennials (born 1981-1996) — are facing a complex economic landscape, including higher unemployment rates, increasing costs, and larger debt burdens, that threatens their financial well-being. Rising household expenses, particularly for food, housing, and transportation, have outpaced growth in income. These conditions raise concerns about the State’s ability to retain its young workforce, critical for sustaining long-term growth.

New York City Health + Hospitals will see pressure on key sources of revenue as Medicaid and low-income patients that rely on federal support lose health insurance, while reimbursement rates for health care programs are cut by Washington, making it harder for the largest public health system in the country to reach its financial goals.

New York City has cut fuel use and emissions across its municipal vehicle fleet of about 30,100 vehicles, but the average vehicle age is now the highest since 2012, and aging emergency and service vehicles are increasingly sidelined for repairs. In fiscal year 2025, the city spent $415 million on fuel and fleet repair, and over $400 million in capital funding for new vehicle acquisitions.

The Office of the State Comptroller prepares this report as part of the "Quick Start" process established in the State Finance Law. The report includes revenue and spending projections through SFY 2027-28.

Local government sales tax collections totaled $18.2 billion from January to September 2025, an increase of 4.3% ($747 million) compared to the same period last year. Growth so far this year is higher than the 3.8% average growth rate seen from January to September for the 2010 to 2019 period of recovery and expansion following the Great Recession. | Regional Table [.xlsx]

The frequency of severe weather in the State is growing, taking a toll on New York’s residents, property and economy. While New Yorkers approved the Clean Water, Clean Air and Green Jobs Environmental Bond Act to support resilience investments, the impacts of climate change are a danger to all Americans and require federal action.

The securities industry earned $30.4 billion in the first half of 2025, a faster pace than last year, when full year profits totaled $49.9 billion, the fourth-highest level on record. Wall Street’s profits could top $60 billion in 2025 if current trends continue. Tax collections related to the industry continue to be strong, growing by over 35 percent in 2024 compared to 2023, and are likely to exceed forecasts given the strength in the industry in 2025.

The stability of the MTA's finances is increasingly reliant on its ability to find significant savings, grow ridership, and efficiently execute capital improvements. By prioritizing and delivering capital investments and continuing efforts to find ways to provide more cost-efficient service that remains safe, frequent and reliable, the MTA will ultimately improve the ridership experience. This will further strengthen farebox operating revenues and better prepare the MTA for uncertainty in the coming years.

The New York City metropolitan area is the second largest market for venture capital (VC) funding in the United States, with $28.5 billion in investments, or 13.3% of the national total in 2024. The amount invested in the region has more than doubled since 2015. Though overall VC activity remains stronger than before the pandemic, the second quarter of 2025 experienced a slowdown from the prior quarter that is reflective of federal economic policy that remains uncertain.

The neighborhoods of Long Island City (L.I.C.), Sunnyside and Woodside in northwest Queens are contributing to the borough’s business growth, share of the population employed, median household income and new housing. Even with its expansion, L.I.C./Sunnyside/Woodside faces some challenges such as air pollution, a level of crime higher than pre-pandemic rates despite recent declines, and income and housing pressures in parts of the area. Continued success depends on further monitoring of these factors, as well as supporting and managing housing, employment and infrastructure development.

This report highlights the results for counties, cities, towns and villages that reported annual financial data in time with the Office of the New York State Comptroller for local fiscal years ending (FYE) in 2024. Overall, the number of local governments designated in fiscal stress increased in FYE 2024 but remained near all-time lows. Included in this report is an analysis of both fiscal stress and environmental stress indicators and trends for non-filing local governments for fiscal stress purposes. | Fiscal Stress Monitoring System Statistics

New York City’s revenues from water and sewer charges, fines and forfeitures, licenses and permits, interest income, rental income and other “miscellaneous revenues” reached an estimated $6.7 billion in fiscal year (FY) 2025, just 11% higher than in FY 2019. The weaker growth was due, in part, to the COVID-19 pandemic. The City should assess the many fines, fees, and charges for services it collects and whether these revenue sources are permanently affected by the changes that occurred during the pandemic and what that means for anticipated revenues.

This reports analyzes the federal tax provisions enacted under Public Law No: 119-21 and how they may impact New Yorkers. While the bill made permanent many tax changes included in the 2017 Tax Cuts and Jobs Act, it includes new tax breaks for seniors and the working class that are largely temporary. These minimal tax benefits, along with the significant cuts in safety net spending included in the legislation, will put a larger burden on New Yorkers trying to make ends meet.

Subway on-time performance (OTP) last year and in the first half of 2025 remained better than in 2019, but the causes of delays have changed as riders have returned. A train is considered late, or delayed, only if it arrives at its destination more than five minutes after its scheduled arrival time, skips scheduled stops or is cancelled altogether. Of the 2.7 million scheduled trains in 2024, 486,614 trains did not reach their destination as scheduled, for an OTP of 82.2 percent.

The Annual Comprehensive Financial Report for the State of New York for the fiscal year ended March 31, 2025.

The Annual Comprehensive Financial Report for the New York State and Local Retirement System (the System or NYSLRS) for the fiscal year ended March 31, 2025.

Due to ongoing economic growth, SFY 2024-25 closed in a stronger-than-expected position, with revenues that were greater than anticipated by the Division of the Budget.

The New York State Legislature amended the State Finance Law in 2015 by adding a new Section 8-c providing for the establishment of a statewide electronic system to help detect and prevent fraud, waste and abuse in government spending and to help avoid improper payment of public funds.