New York City is planning significant steps to reduce city-funded spending by as much as 15% in response to substantial budget gaps fueled by escalating costs in the years ahead. However, the city’s ability to cut spending is limited to what it has discretion and control over, according to a report released today by State Comptroller Thomas P. DiNapoli.
This snapshot highlights the results for counties, cities, towns and villages that reported for local fiscal years ending (FYE) in 2022. Overall, the influx of federal pandemic relief aid, as well as robust sales tax revenues, were significant factors in lowering many municipalities’ fiscal stress scores in FYE 2022, especially for non-calendar year entities. Included in the report is an analysis of the 10 years of data collected since the launch of the system, focusing on what has been learned over the past decade.
New York City is planning drastic steps to reduce City-funded spending by as much as 15% in response to substantial budget gaps fueled by escalating costs in the years ahead. This report urges the City to provide greater transparency on nondiscretionary costs that it does not have direct control over to help the public, policymakers and its funding partners understand what’s at stake.
14 local governments in New York ended FY 2022 in fiscal stress.
A total of 14 local governments in New York State ended their fiscal year 2022 with a fiscal stress designation, down from 20 a year ago, State Comptroller Thomas P. DiNapoli announced today. Of the 14, nine were announced today. These determinations were based on the State Comptroller’s Fiscal Stress Monitoring System (FSMS) scores released today and highlighted in a report.
