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2022 Financial Condition Report
For Fiscal Year Ended March 31, 2022

2022 Financial Condition Report
For Fiscal Year Ended March 31, 2022

DiNapoli: NYC Put Federal Funds to Work Quickly To Shore Up Budget and Drive Recovery

New York City is using the federal funds it received in the wake of the COVID-19 pandemic to replace revenue losses and mitigate negative economic impacts, similar to other major cities in the country, but it has used them at a faster pace than its peer cities, which leaves less available to address future uncertainties, according to a report released today by State Comptroller Thomas P. DiNapoli.

2022 Financial Condition Report
For Fiscal Year Ended March 31, 2022

2022 Financial Condition Report

Message from the Comptroller

As State policymakers responded to the challenges of the COVID-19 pandemic and accompanying volatility in the State’s finances, New York ended the State Fiscal Year (SFY) 2021-22 budget on stable ground. Historic federal financial assistance and improved tax revenues transformed an anticipated budget gap into surplus.

DiNapoli Releases Fiscal Stress Scores

A total of 20 local governments in New York State ended their fiscal year 2021 designated in some form of fiscal stress, down from 30 a year ago, State Comptroller Thomas P. DiNapoli announced today. These determinations were made based on the State Comptroller’s Fiscal Stress Monitoring System scores.

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Household Debt in New York State

New Yorkers and consumers across the nation are experiencing growing household debt. The average household debt in New York climbed to a new high of $53,830 at the end of 2021. While New Yorkers trail the national average debt burden ($55,810), student loan and credit card debt per capita were well above the national average, with student loan balances 335% higher than they were in 2003.