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An Economic and Demographic Snapshot of The Rockaways

Communities in the Rockaways were some of the hardest hit by the pandemic. Despite the challenges, local economic indicators have slowly improved as the pandemic has worn on, with the number of Rockaways businesses growing in 2020 and 2021. Since the City’s reopening following the height of the pandemic, local stakeholders in the Rockaways have made concerted efforts to promote economic recovery and improved environmental conditions, with a focus on mitigating the impact of extreme climate events.

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DiNapoli: The Rockaways Shows Signs of Recovery After Pandemic Setback

Communities in the Rockaways were some of the hardest hit by the COVID-19 pandemic. Now, more than two years after the pandemic first struck, an economic report released today by New York State Comptroller Thomas P. DiNapoli finds positive signs of business and employment growth that offer reason to believe the Rockaways is on the road to recovery.

DiNapoli: New Yorkers’ Debt on the Rise

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, according to a report released today by State Comptroller Thomas P. DiNapoli.

New York State Comptroller Thomas P. DiNapoli Statement on NYC Finances

New York State Comptroller Thomas P. DiNapoli issued the following statement today after giving remarks at the New York City Financial Control Board:

“Federal relief and higher revenues in City Fiscal Year (FY) 2022 allowed the city to build reserves and other budgetary cushion, but many of the potential fiscal issues facing the city remain out of its direct control. The city faces substantial fiscal risks in the coming years that will require fiscal discipline and preparation.

DiNapoli: NYSLRS Announces Employers' Retirement System Contribution Rates for 2023-2024

New York State Comptroller Thomas P. DiNapoli today announced employer contribution rates for the New York State and Local Retirement System (NYSLRS). Employers’ average contribution rates for the State Fiscal Year 2023-24 will increase from 11.6% to 13.1% of payroll for the Employees’ Retirement System (ERS) and from 27.0% to 27.8% of payroll for the Police and Fire Retirement System (PFRS).

NYSLRS is made up of these two systems, which pay retirement and disability benefits to public employees and death benefits to their survivors.