Financial Outlook for the Metropolitan Transportation Authority, October 2020
The Metropolitan Transportation Authority (MTA) is facing the greatest challenge in its history.
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The Securities Industry in New York City, October 2020
The COVID-19 pandemic has significantly impacted the securities industry in New York City, affecting both operations and profitability.
Third Quarter 2020 Local Sales Tax Collections Down 9.5 Percent; New York City’s Decline Offsets Uptick in the Rest of State
Statewide local sales tax collections in the third quarter of 2020 declined by 9.5 percent, or $452 million, over the same quarter in 2019. This decrease, while alarming in a typical year, was still a marked improvement from the 27.1 percent drop in the second quarter, which reflected the peak of the economic impact to date from the COVID-19 pandemic.
Voting From Home: Summary of the 2020-21 School District Budget Vote
The impact of the COVID-19 pandemic on school district operations has been substantial, driving unprecedented changes to many core functions and processes, including the annual school budget vote. For district-level information: http://wwe1.osc.state.ny.us/localgov/research-budget-votes/budget-votes.cfm
Statewide Local Sales Tax Collections Decline 5.2 Percent in October
Local government sales tax revenue declined by 5.2 percent, or $74.4 million, in October compared to the same month in 2019.
New York’s Balance of Payments in the Federal Budget – Federal Fiscal Year 2019, November 2020
In Federal Fiscal Year 2019, New York State generated $23.7 billion more in federal taxes than it received in federal spending. In total dollars, New York’s deficit was the highest among the 50 states. For every tax dollar paid to Washington, our State received 91 cents in return—well below the national average of $1.24.
Wall Street Bonuses, March 2020
The average bonus paid to employees in New York City’s securities industry increased by 3 percent in 2019 to $164,100, but it is likely to fall sharply in 2020 as the coronavirus crisis strains industry profitability.
New York City Financial Plan Report, February 2020
On January 16, 2020, the City of New York released a four-year financial plan for fiscal years 2020 through 2024 (the “January Plan”). The January Plan reflects the strength in the local economy, which has helped fuel personal and business tax collections; new agency needs; and an expansion in the citywide savings program.
New York City Financial Plan Report, August 2020
The economic, social and budgetary fallout from the COVID-19 pandemic on New York City has been unprecedented, while the loss of life has been unimaginable. Restrictions put in place to slow the spread of the disease triggered a national recession. In New York City, job losses in March and April were the largest since the Great Depression.
New York City Financial Plan Report, May 2020
New York City has been the epicenter of the novel coronavirus pandemic in the United States. The economic, social and budgetary impacts have been unprecedented, while the loss of life has been unimaginable.