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Review of the Financial Plan of the City of New York, December 2021

New York City forecasts a surplus of $965 million in the fiscal year ending in June 2022, based largely on the receipt of $750 million in unrestricted federal aid, and projects outyear gaps to drop by nearly a third from earlier estimates. Despite the positive news, the Office of the State Comptroller has identified several risks that could pose challenges to the City’s budget in the future.

Local Sales Tax Collections Up More Than 17% in November

Statewide local sales tax collections grew by 17.5% in November compared to the same month in 2020. Overall, local collections totaled almost $1.6 billion, up $235 million from November of last year. Collections for the month were also notably robust when compared to pre-pandemic levels, up 9.2% (or $133 million) from November of 2019.

Regional Table [.xlsx]

DiNapoli: NYC Forecasts $965 Million Surplus Fueled by Federal Aid

New York City forecasts a surplus of $965 million in the fiscal year ending in June 2022 (FY 2022), based largely on the receipt of $750 million in unrestricted federal aid, and projects outyear gaps to drop by nearly a third from earlier estimates, according to a