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.
New York City forecasts a surplus of $965 million in the fiscal year ending in June 2022 (FY 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, according to a report released today by State Comptroller Thomas P. DiNapoli.
Flushing, and the surrounding neighborhoods that make up the greater Flushing area, enjoyed outsized employment and business growth from 2000 until Queens became the epicenter of the COVID-19 pandemic. Local challenges that existed before the pandemic, such as affordable housing and broadband access, have made recovery more difficult, but key positive indicators such as job recovery are reasons for optimism.
Comptroller DiNapoli and elected officials held a socially distanced press conference in Flushing, NY, to discuss the report. Watch a replay of the live stream.
The Metropolitan Transportation Authority is facing significant long-term financial challenges, including risks to its capital plan and pressure from escalating debt, while the impacts of climate change demand a sharper focus on preparation for and response to extreme weather events. The passage of the Infrastructure Investment and Jobs Act offers a boost for the agency’s capital plan, but also heightens the need for appropriate prioritization of capital projects.
The MTA should publish a new assessment of its long-term capital needs that pays particular attention to the growing threat climate change poses to transit, and its most recent 20-year needs assessment shows many capital needs are overdue for attention, according to Comptroller Thomas P. DiNapoli’s latest report.
"New York City’s November 2021 Financial Plan modification indicates that the recovery is underway, but that its trajectory is uncertain, with employment growth and improvement in the commercial real estate market expected to slow from earlier projections. The updated financial plan highlights why smart use of the city’s federal relief funds and better-than-projected revenues are necessary to shore up reserves.
State Comptroller Thomas P. DiNapoli and Brooklyn District Attorney Eric Gonzalez today announced the arrest of Latrenda Dixon for the alleged theft of her deceased sister’s retirement checks.
Dixon, 52, of the Bronx, is charged with illegally cashing 20 checks in Brooklyn for nearly $8,000 issued by the New York State and Local Retirement System to her deceased sister, Linda Dixon. She cashed the checks using her sister’s state employee ID at a check cashing location.
In early 2021, New York City established a rainy-day fund, to better prepare for financial downturns. This report lays how the City can ensure resources are available when needed, by establishing a clear and written purpose for the funds, creating targets for how much should go into the fund each year and setting the conditions for withdrawals. The report also found the City’s reserve policies are not as robust as other large U.S.
In a report released today, New York State Comptroller Thomas P. DiNapoli urged New York City officials to better prepare for financial downturns by evaluating the city’s rainy-day reserve fund, establishing targets for how much should go into the fund each year and setting the conditions for withdrawals. His report found the city’s reserve policies are not as robust as other large U.S.
