Reports

On November 22, 2019, the City of New York released a revised four-year financial plan for fiscal years 2020 through 2023 (the “November Plan”). The November Plan reflects an upward revision in the City’s revenue forecast for FY 2020, increased agency spending and a citywide savings program to narrow the FY 2021 budget gap.

New York City is currently experiencing the largest and longest job expansion in the post– World War II period. Since 2009, the City has added 820,400 jobs, bringing employment to a record level of 4.55 million in 2018 and reducing the annual unemployment rate to 4.1 percent, the lowest on record.

On April 25, the Mayor released his executive budget for fiscal year (FY) 2020 and the associated financial plan (the “April Plan”). The FY 2020 budget totals $92.5 billion, including $68.2 billion that will be funded with locally generated revenues (i.e., City funds).

New York City’s economy continues to set records, although external risks are growing. A total of 820,400 jobs were added between 2009 and 2018, the largest and longest job expansion in the post–World War II period. Employment set an annual record of 4.55 million in 2018, 721,800 higher than the prerecession level in 2008.

New York City’s economy is strong and continues to set new records. It added 715,000 jobs between 2009 and 2017, the largest and longest job expansion in the post–World War II period. Employment reached a new record of 4.4 million in 2017, 615,000 higher than the prerecession peak. Although job growth has slowed, the City is still on pace to add another 72,000 jobs in 2018. The unemployment rate fell to 4 percent in October 2018, the lowest monthly rate in 42 years.

New York City’s economy is strong and continues to set new records. It added 715,000 jobs between 2009 and 2017, the largest and longest job expansion in the post–World War II period. After growing by 81,000 jobs in 2017, employment reached 4.4 million, a new record and 615,000 higher than the prerecession peak. Although job growth has since slowed, the City is on pace to add more than 72,000 jobs in 2018.

On April 26, 2018, the City of New York released a modification to its financial plan for FY 2018 and a new four-year financial plan (“the April Plan”) covering fiscal years 2019 through 2022. The April Plan projects a surplus of nearly $3.7 billion for FY 2018 and a balanced budget for FY 2019.

New York City’s economy is strong and continues to post solid job gains. It added 715,000 jobs between 2009 and 2017, making this the largest and longest job expansion in the post–World War II period. After adding 81,000 jobs in 2017, employment reached 4.4 million, 615,000 more than the prerecession peak. More jobs were added in the boroughs outside of Manhattan than in any other expansion.

On November 21, 2017, the City of New York released a modification to its four-year financial plan covering fiscal years 2018 through 2021 (“the November Plan”). The November Plan includes modest changes to the City’s revenue and expenditure forecasts for FY 2018 based on trends during the first four months of the fiscal year, a citywide savings program, and savings from better-than-expected pension fund investment earnings in FY 2017.

On June 6, 2017, the City of New York adopted a budget for fiscal year 2018, the earliest the City has adopted a budget since 1992. The next day, the City submitted a modification to the FY 2017 financial plan and a new four-year financial plan covering fiscal years 2018 through 2021 (“the June Plan”) to the New York State Financial Control Board. The June Plan reflects the adopted budget for FY 2018 and other technical changes.

On April 26, 2017, the Mayor released his proposed budget for FY 2018 and the associated financial plan (“the April Plan”) covering fiscal years 2017 through 2021. The April Plan incorporates changes since the FY 2017 budget was adopted in June 2016.

On January 24, 2017, the City of New York released a modification to its financial plan (“the January Plan”) covering fiscal years 2017 through 2021. Since the budget was adopted in June 2016, the City has implemented a citywide savings program, freed up unneeded reserves, and recognized unplanned spending and continued weakness in nonproperty tax collections.

On November 17, 2016, the City of New York released a modification to its four-year financial plan (“the November Plan”) covering fiscal years 2017 through 2020. The November Plan incorporates a number of changes since the budget was adopted in June 2016, including a Citywide Savings Program, higher-than-planned spending and a small reduction in projected tax collections.

On July 27, 2016, the Metropolitan Transportation Authority (MTA) released a preliminary budget for 2017 and an associated financial plan (the “July Plan”). The outlook for the MTA’s budget has improved considerably over the past year as it continues to benefit from the economic recovery, and from low energy costs and interest rates.

On June 14, 2016, the City of New York submitted a four-year financial plan (the “June Plan”) covering fiscal years 2017 through 2020 to the New York State Financial Control Board.

On April 26, 2016, the Mayor of the City of New York released his executive budget for FY 2017 and a financial plan (“the April Plan”) for fiscal years 2016 through 2020.

On January 21, 2016, the Mayor released his preliminary executive budget for FY 2017 and a financial plan (the “January Plan”) for fiscal years 2016 through 2020.

On November 12, 2015, the City of New York submitted a revised four-year financial plan (the “November Plan”) covering fiscal years 2016 through 2019 to the New York State Financial Control Board. The November Plan reflects relatively small technical adjustments since the budget was adopted in June 2015.

On July 22, 2015, the Metropolitan Transportation Authority (MTA) released a preliminary budget for 2016 and an associated financial plan (the “July Plan”). The July Plan shows that the short-term outlook for the MTA’s operating budget has improved with the economy, but the 2015-2019 capital program still has a $9.8 billion funding gap.

On June 26, 2015, the City of New York submitted to the New York State Financial Control Board a four-year financial plan (the “June Plan”) covering fiscal years 2016 through 2019. The June Plan projects a balanced budget for FY 2016 and manageable out-year budget gaps. In addition, the City has been increasing its reserves, which could cushion the impact of an adverse budgetary development.