Reports

On November 21, 2013, the City of New York revised its four-year financial plan (the “November Plan”) to reflect a number of favorable developments since the FY 2014 budget was adopted in June 2013. The City now forecasts that revenues will be higher by $1.1 billion in FY 2014 (mostly from nonrecurring sources), debt service will be lower during the entire financial plan period, and recurring savings will come from a one-year freeze in employee health insurance premiums in FY 2015.

Queens has the largest and most diverse employment base among the four New York City boroughs outside of Manhattan. The residents and businesses in Queens are strong and resilient, having been recently tested by the Great Recession and Superstorm Sandy.

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Throughout our nation’s history, NYC has been a magnet for immigrants from other countries seeking religious and political freedoms and economic opportunities.

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Five years after the bankruptcy of Lehman Brothers, Wall Street has made an impressive comeback. The industry is adapting to regulatory reforms and other challenges, and has been profitable for four consecutive years (including the three best years on record).

On June 27, 2013, the City of New York submitted to the Financial Control Board a four-year financial plan (“the June Plan”) based on the adopted budget for FY 2014, which began July 1, 2013. The FY 2014 budget is balanced and maintains services at current levels without raising taxes. Although the June Plan projects modest budget gaps in future years, the City has yet to reach new labor agreements with its unions.

The Bronx has come a long way since the 1970s. Both public and private investments have helped create new businesses, which in turn have generated thousands of new jobs. More recently, as the economic environment has improved, private investment has accelerated in the Bronx.

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This report is the third issued by the Office of the State Comptroller since 2009 concerning affordable housing in New York City.

On May 2, 2013, the Mayor released his executive budget for FY 2014 and the associated four-year financial plan (“the May Plan”). The May Plan reflects the estimated impact of federal sequestration, the cost of Superstorm Sandy and the enacted State budget. Although the May Plan projects modest budget gaps beginning in FY 2015, the City has yet to reach new labor agreements with its unions.

On January 29, 2013, Mayor Bloomberg released his executive budget for FY 2014 and the associated four-year financial plan (“the January Plan”). The January Plan reflects the City’s failure to reach agreement with the United Federation of Teachers on a new teacher evaluation system, which may result in the loss of $250 million in State education aid and cuts in educational services. The January Plan also reflects the estimated cost of Superstorm Sandy.

The Metropolitan Transportation Authority (MTA) is constructing one of the largest and most complex public works projects in the country, East Side Access (ESA).

Cash bonuses paid to New York City securities industry employees are forecast to rise by 8 percent to $20 billion during this year’s bonus season.

On November 9, 2012, Mayor Bloomberg revised New York City’s four-year financial plan (the “November Plan”) to reflect a delay in the planned sale of additional taxi medallions caused by legal challenges. Previously, the City’s financial plan had counted on the receipt of $635 million from the sale in FY 2013, and a total of $1.5 billion over three years. The City no longer anticipates the receipt of any sale proceeds in the current fiscal year, and now expects to realize $1.5 billion during fiscal years 2014 through 2016.

Five years after the beginning of the financial crisis, the securities industry remains in transition. The industry is still working through the fallout from the financial crisis and many business patterns and practices are changing as a result of regulatory, technological and economic factors.

On July 25, 2012, the Metropolitan Transportation Authority (MTA) released a revised four-year financial plan (“the July Plan”). A review finds that the MTA’s finances have improved appreciably over the past two years.

Since the 1970s, farmers’ markets have multiplied and become more popular in New York City and throughout New York State as the locally grown food movement has gained momentum.

The greater downtown Brooklyn area is home to world-class arts and cultural organizations, such as the Brooklyn Academy of Music (BAM).

The greater downtown Brooklyn area is the civic center of Brooklyn and includes the largest business district in New York City outside of Manhattan.

One year ago, New York City projected a budget gap of $4.6 billion for FY 2013 and out-year gaps that reached $4.9 billion. Since then, the City has successfully closed the FY 2013 budget gap and narrowed the FY 2014 budget gap to $2.5 billion without raising taxes or cutting basic services. Most of the improvement, however, has not come from higher revenue forecasts, but from drawing down reserves and other nonrecurring resources.

Nearly one year ago, New York City adopted a balanced budget for FY 2012, but projected a budget gap of $4.6 billion for FY 2013, and even larger gaps for subsequent years. On May 3, 2012, the Mayor issued his executive budget for FY 2013 and an associated four-year financial plan (the “May Plan”). The City now projects a modest surplus for FY 2012, a balanced budget for FY 2013, and out-year budget gaps that average $3.3 billion.

This is the eighth in a series of reports on the progress of the capital security program of the Metropolitan Transportation Authority (MTA).