Budget & Finances

NYC Department of Education Response to the COVID-19 Pandemic, September 2021

The COVID-19 pandemic has changed the face of education across the country and in New York City, the nation’s largest public school system. During the pandemic, the City had to develop and implement novel remote learning protocols to continue educating students. Extraordinary levels of federal aid allowed the City to overcome these obstacles and implement a number of new initiatives to help students and address learning losses.

Unemployment Insurance Trust Fund: Challenges Ahead, September 2021

The historic surge in unemployment claims at the onset of the COVID-19 pandemic rapidly depleted the New York State Unemployment Insurance (UI) Trust Fund, resulting in the State borrowing from the federal government to pay claims. State UI tax rates have already risen to the highest level permissible under law in 2021. Unless the State or federal government takes significant action, federal UI tax rates on employers will also increase in 2022 and beyond.

Upstate Transportation Authorities Suffer Revenue Plunge

The COVID-19 pandemic created unprecedented challenges for the State’s regional transportation authorities by disrupting operations, decreasing ridership, and severely reducing revenues; however, these authorities reported that federal aid helped them weather pandemic deficits. If ridership continues to languish and does not return to pre-pandemic levels, the authorities will need additional revenue from other sources to continue to provide services at current levels—or may be faced with limiting services.

New York City Financial Plan Report, August 2021

On June 30, 2021, New York City adopted its $98.7 billion budget for fiscal year 2022. Excluding federal aid, the City will fund about $2 billion more in spending than was planned in its proposed executive budget in April, after adjusting for surplus transfers and money set aside for reserves. 

New York’s Economy and Finances in the COVID-19 Era (July 1, 2021)

Personal income in New York State has surpassed pre-pandemic levels; while this is a positive development, there are two causes for concern. First, growth is primarily due to transfer receipts paid to New Yorkers from the government, which account for more than 20 percent of personal income. Second, earnings in seven industrial sectors, including the leisure and hospitality sector that was hardest hit during the pandemic, have not yet returned to pre-2020 levels.

New York’s Economy and Finances in the COVID-19 Era (June 24, 2021)

The COVID-19 pandemic spurred a change in how people sought and received medical care; rather than visiting medical practitioners in person, increasing numbers of people used telehealth services. While telehealth usage in New York and nationally has declined since the pandemic peak, it remains well above pre-pandemic levels, though still only a small share of overall utilization.

New York City Financial Plan Report, June 2021

One year after COVID-19 caused the sharpest economic contraction on record and exposed New York City’s finances to substantial risks, the City’s economy and finances are on the mend, thanks largely to unprecedented federal economic stimulus for businesses and individuals, and direct federal relief to New York State, New York City and the Metropolitan Transportation Authority.

New York’s Economy and Finances in the COVID-19 Era (June 3, 2021)

The COVID-19 pandemic and resulting economic shutdown quickly led to soaring unemployment rates in New York; those rates subsequently declined slowly but steadily. However, for New Yorkers who face unique challenges due to a disability, unemployment rates increased more quickly and have remained stubbornly high, disrupting progress that had been made leading up to the pandemic.

New York’s Economy and Finances in the COVID-19 Era (May 13, 2021)

This report details economic impact payments, also known as "stimulus checks," provided to New Yorkers under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the COVID-Related Tax Relief (CRTR) Act. The report also summarizes the Comptroller’s analysis of the Enacted Budget.