New York City increased its expectations for its surplus in fiscal year (FY) 2025 to $2.34 billion, largely as a result of stronger tax revenue projections and a reduction in the cost of providing services to asylum seekers, which will help balance its $116.9 billion FY 2026 budget. With escalating uncertainty in the federal funding environment — which could lead the State to make choices to balance its budget that pressure local government finances — preparation and transparency remain paramount to navigate the future.

New York City’s 65 and older population grew by nearly half a million seniors in the last two decades, an increase of 53%. Much of the growth was led by Asian, Hispanic and Black seniors calling the City home, along with more seniors born outside the U.S. The City needs to continue to monitor the trends of the aging population to ensure services remain commensurate with need and outreach is robust.

New York City’s finances have stabilized amid declining costs for asylum seekers and strong revenue, largely from growth in business and property tax collections. The City must balance fiscal management with its operational needs to ensure it can continue to encourage employment and business growth, enhancing its economic and tax revenue base.

One in four New York City households had no cable, FTTP or DSL internet subscription as of 2023, with The Bronx having the highest share of households without access. More than availability, the challenge for residents to access the internet in the City appears to be driven by a lack of affordable options for some.