In a report released today, State Comptroller Thomas P. DiNapoli laid out the challenges and potential funding scenarios facing the Metropolitan Transportation Authority (MTA) as it prepares to submit its 2025-2029 Capital Program. The MTA must find billions in new funds even as the state tries to resolve the $15 billion gap in revenue created by the pause on congestion pricing.
New York City’s finances continue to benefit from better-than-projected revenues and savings generated through initiatives launched in response to its financial challenges, but the continued influx of asylum seekers, elevated demand for city programs and a declining surplus demand preparation to navigate future uncertainty, according to a report on the city’s Financial Plan released today by State Comptroller Thomas P. DiNapoli.
New York City’s finances continue to benefit from better-than-projected revenues and savings generated through initiatives launched in response to its financial challenges, but the continued influx of asylum seekers, elevated demand for City programs and a declining surplus demand preparation to navigate future uncertainty.
The Metropolitan Transportation Authority’s New York City Transit (Transit) needs to do a better job of maintaining its security and safety equipment, including Closed-Circuit Televisions (CCTVs) in the subway system, to avoid future unexpected failures, an audit from State Comptroller Thomas P. DiNapoli found.
Office buildings in New York City remain a critical contributor to its economy and tax base, as market values reached nearly $205 billion in fiscal year 2025, surpassing pre-pandemic levels. Higher market values on office buildings are being fueled by growth outside of traditional Midtown office districts, including Hudson Yards, Chelsea, Union Square, Soho, Downtown Brooklyn and Long Island City.
Office buildings in New York City remain a critical contributor to its economy and tax base, as market values reached nearly $205 billion in fiscal year (FY) 2025, surpassing pre-pandemic levels, according to a report released today by New York State Comptroller Thomas P. DiNapoli. These higher market values are being fueled by growth outside of traditional Midtown office districts, including Hudson Yards, Chelsea, Union Square, Soho, Downtown Brooklyn and Long Island City.
New York City’s contract spending (excluding capital projects) has grown significantly in recent years, rising to $24.3 billion in fiscal year (FY) 2023, an increase of nearly $7 billion from FY 2019, representing an outsized share (41%) of total citywide operating spending growth in this period, according to a report released today by State Comptroller Thomas P. DiNapoli.
New York City’s contract spending (excluding capital projects) has grown significantly in recent years, rising to $24.3 billion in fiscal year (FY) 2023, an increase of nearly $7 billion from FY 2019, representing an outsized share (41%) of total citywide operating spending growth in this period. Total contract spending for goods and services represented nearly 22% of operating spending in FY 2023, compared to 16% in FY 2010.
The Long Island Rail Road (LIRR) is making a steady recovery from the pandemic with growing ridership, increased service routes into the Grand Central Madison terminal and on-time performance in 2023 that was better than in 2019. Still, the LIRR had 31% more delays from train car problems last year than in 2019, showing there are still areas that can improve as ridership returns, a new report from State Comptroller Thomas P. DiNapoli shows.
As the largest commuter railroad in the nation, the Long Island Rail Road (LIRR) is making a steady recovery from the pandemic with growing ridership, increased service routes into the Grand Central Madison terminal and on-time performance in 2023 that was better than in 2019. Still, the LIRR had 31% more delays from train car problems last year than in 2019, showing there are still areas that can improve, such as increasing preventative maintenance of older train cars.
