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The COVID-19 pandemic ended a period of economic expansion in New York City during which new records for population, tourism, employment, and property values were achieved. As a result, City revenues grew rapidly from FY 2010 to FY 2019, enabling City spending to grow by 55 percent, nearly four times the rate of inflation, and provide a budget cushion of more than 10 percent of City-funded revenues at the start of FY 2020.
New York City is projecting a $3.4 billion surplus for city fiscal year (FY) 2021 because of better-than-projected revenues from income and corporate taxes, debt service savings from lower interest rates and a deferral of labor costs to FY 2022, but the city will have to overcome major fiscal cha
New York State Comptroller Thomas P. DiNapoli released the following statement today in response to the Metropolitan Transportation Authority’s improved revenue forecast and expectations of additional federal aid.
Although New York City was an early epicenter for COVID-19, only 45.6 percent of firms in the City received Paycheck Protection Program (PPP) loans, below the national average of 50.9 percent.
New York City was the early epicenter of the COVID-19 pandemic outbreak, but many small businesses hit hardest were initially left out of the federal Paycheck Protection Program (PPP) because they faced difficulties meeting the program’s rigid requirements and lacked access to major lenders, acco
The COVID-19 pandemic has affected the retail trade sector unevenly, with online retailers and some essential businesses experiencing growth and other large retail segments seeing falling revenues. The impact has been most obvious in Manhattan, where foot traffic in key corridors initially fell by more than 90 percent and remains below 50 percent of its 2019 levels as tourists, commuters, office workers and residents have responded to pandemic-related shutdowns and public health concerns.
In January 2018, OSC initiated its series of audits to determine whether the MTA and constituent agencies have appropriate oversight and monitoring controls over homeless outreach services on MTA properties and whether they have met the goal of maintaining a safe, secure transit environment by assisting homeless individuals to appropriate shelters off MTA properties.
“New York City is contending with the devastating economic effects of the pandemic and the long road back to normal. Today, in releasing its preliminary 2022 budget, the city took important steps to address the uncertain future.
Each year in New York City, more than 100,000 public and private school children between the ages of 5 and 21 are referred (by teachers or parents) to the New York City Department of Education (DOE) to be evaluated for their needs for continued or new special education services.
