DiNapoli: New York City Budget Surplus on Pace to Grow Another $2.4 Billion from April Projections
Strong revenue growth may allow New York City to generate at least an additional $2.4 billion in operating surplus in city fiscal year (FY) 2022 compared to the Executive Budget released in April. However, better-than-projected fiscal performance may be short-lived amid inflation, geopolitical tension and supply chain issues, according to an analysis released today by State Comptroller Thomas P. DiNapoli. DiNapoli urged the city to put a substantial portion of the surplus funds into reserves and protect itself against uncertainty.