The COVID-19 pandemic has widened the achievement gap that exists for students across the nation. Unprecedented federal funding presents the city of New York with an opportunity to begin closing that gap for the more than one million students attending New York City’s public schools. That opportunity cannot be squandered.
Millions of Americans still face housing insecurity as a result of the COVID-19 pandemic, with nearly 15 percent behind on rent payments at the end of June. New York City not only houses the majority of the State’s renters but also had relatively high rates of rent-burdened tenants prior to the pandemic.
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.
Stronger-than-projected year-end budgetary results, fueled by extraordinary one-time federal relief, will mostly be used to fund new spending, with a smaller portion set aside to build up reserves, according to an analysis of New York City’s financial plan released today by State Comptroller Thomas P. DiNapoli.
In an audit released today, New York State Comptroller Thomas P. DiNapoli detailed how New York City’s Department of Information Technology and Telecommunications’ (DoITT) failure to hold accountable the developers of the city’s ambitious program to expand access to high-speed internet, known as LinkNYC, prevented the program from achieving its goals of bridging the digital divide and bringing revenue to the city.
New York City’s adopted $98.7 billion FY 2022 budget, beginning July 1, 2021, highlights the critical role a continued economic recovery and sound fiscal management will play in enabling long-term budget balance for the city. Fueled by a record level of personal income taxes ($14.9 billion) and corporate taxes in FY 2021, in addition to federal aid, the adopted budget takes important steps to increase reserves, including a $500 million deposit into the Rainy Day Fund, a first of its kind.
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 City’s economy and finances are recovering, largely due 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, according to a report released today by State Comptroller Thomas P. DiNapoli.
Population in the Bronx grew by 10.4 percent from 2000 to 2017 (faster than any other borough), driven primarily by the growth in the immigrant population, but it declined in the next two years to 1.42 million residents.
The COVID-19 pandemic hit the Bronx harder than any other borough by several measures, according to an economic analysis released today by New York State Comptroller Thomas P. DiNapoli.
