Reports

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.

The Long Island Rail Road (LIRR) is the largest commuter railroad in the nation. In 2016, the LIRR carried 89.3 million riders, the most since 1949.

Securities industry profitability rose sharply in 2016, increasing by 21 percent, while the average bonus paid to employees in New York City’s securities industry increased by 1 percent to $138,210.

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.

The terrorist attacks on September 11, 2001, resulted in the destruction of 13 million square feet of office space at the World Trade Center complex. Since 2001, 38 million square feet of space have been added in New York City, with more than half added in the past five years alone.

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.

The role of the securities industry in New York City’s economy has changed since the financial crisis. The industry is smaller after shedding 8 percent of its jobs since 2007, while the rest of the City’s private sector has grown by 17 percent.

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.

The Greater Jamaica area in Queens fell on hard times during the 1970s, but has been slowly recovering.

The Greater Sunset Park area of western Brooklyn is a dynamic area with residential communities, strong commercial corridors and one of New York City’s largest manufacturing and industrial centers.

September 11, 2001, was a tragic day for the nation, one which will never be forgotten. In New York City, the terrorist attacks took the lives of more than 2,700 people, including hundreds of first responders. There was extensive damage to property and infrastructure, and the economy of the City, and of Lower Manhattan in particular, was shaken.

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.

New York State’s hotel industry has experienced a decade of strong growth, driven by an increase in tourism. A record number of visitors (227.5 million) came to New York State in 2014, and a new record was likely set in 2015.

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.

The average bonus paid in New York City’s security industry declined by 9 percent to $146,200 in 2015 as industry-wide profits declined by 10.5 percent.

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.

The Asian community is the fastest growing racial or ethnic group in New York State. The number of Asian New Yorkers (1.8 million) has more than doubled since 1990, and Asians accounted for 9 percent of the State’s population in 2014.

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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.

New York City, like the nation, has been built by immigrants. People from around the world have come to New York City seeking the freedoms and opportunities woven into the American dream.