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.
The COVID-19 pandemic brought a halt to the growth of the construction industry nationwide which, prior to the pandemic, had been growing strongly. This was especially true in New York State and New York City.
The loss of 44,400 construction jobs due to the COVID-19 pandemic in 2020 was the state’s worst annual decline in the industry in more than 25 years, with more than half the losses coming from New York City, according to a report released today by State Comptroller Thomas P. DiNapoli. Construction was the city’s fastest-growing sector from 2011 to 2019, rising by 43.5 percent, until it was brought to a halt by the pandemic.
In 2020, the 10-year period of record growth in tourism came to an end, and the number of visitors to New York City fell by 67 percent to 22.3 million (from 66.6 million in 2019). OSC estimates the industry’s economic impact dropped by 75 percent from $80.3 billion in 2019 to $20.2 billion in 2020.
