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New York State Comptroller Thomas P. DiNapoli Statement on NYC Finances

New York State Comptroller Thomas P. DiNapoli issued the following statement today after giving remarks at the New York City Financial Control Board:

“Federal relief and higher revenues in City Fiscal Year (FY) 2022 allowed the city to build reserves and other budgetary cushion, but many of the potential fiscal issues facing the city remain out of its direct control. The city faces substantial fiscal risks in the coming years that will require fiscal discipline and preparation.

DiNapoli: NYC Dept. of Buildings Is Not Doing Enough to Improve Construction Site Safety

The New York City Department of Buildings (DOB) is not doing enough to protect construction workers on building sites, according to an audit released by New York State Comptroller Thomas P. DiNapoli. The audit found DOB needs to be more aggressive in its oversight, inspections and use of enforcement powers to make sure violations are corrected to help prevent construction-related accidents, injuries and fatalities.

DiNapoli: MetroPlus Enrollment Reached a Record High Over the Course of the Pandemic

MetroPlus, a subsidiary of NYC Health + Hospitals (H+H), offers low-cost to no-cost health insurance coverage to eligible New Yorkers through a variety of plans. Between February 2020 and June 2022, MetroPlus enrollment reached a record high of 670,915 members, an increase of 159,284 (31%), according to a report released today by State Comptroller Thomas P. DiNapoli. The financial stability of H+H is impacted by MetroPlus’s membership levels and members use of H+H health services.

MetroPlus Health Plan: COVID-19 Enrollment Trends

MetroPlus Health Plan, a subsidiary of NYC Health + Hospitals (H+H), offers low cost to no cost health insurance coverage to eligible New Yorkers. In June 2022, enrollment reached a record high, which can be attributed to conditions and policy changes spurred by the COVID-19 pandemic. Changes in MetroPlus enrollment have a direct impact on H+H's financial stability. As more of its members choose H+H as a provider, the hospital system generates more revenue.

Review of the Financial Plan of the City of New York, August 2022

New York City’s fiscal position has significantly improved since June 2021. However, this was mostly due to unanticipated resources generated from a combination of factors that is not likely to occur at the same level again, and some factors have already begun to reverse. Total revenues are expected to decline by 9.4 percent in FY 2023 due to lower tax revenues and federal aid for COVID-19 relief. In total, OSC calculated risks to the City’s budget that could exceed $2 billion annually by FY 2024.

DiNapoli Urges NYC to Continue to Prepare for Shifting Fiscal Landscape

Total revenue for New York City’s budget is expected to drop by 9.4% to $101.1 billion in Fiscal Year (FY) 2023 amid lower tax revenue and a decline in federal aid. The city also faces sustained challenges from a possible recession, federal monetary policy and turmoil in the financial markets, according to a report on the city’s FY 2023 financial plan released today by State Comptroller Thomas P. DiNapoli.

DiNapoli: NYC Department of Education Must Do More to Combat Mental Health Crisis Among Youth

The latest in State Comptroller DiNapoli’s series of audits of health and safety in schools finds that, in the face of a mental health crisis among youth, the NYC Department of Education (DOE) can do more to ensure that public school students receive the supports and services that they need and that are supposed to be available.

Existential Questions Facing National Public Transit Systems Create New Fiscal Pressures for MTA

The pandemic caused a dramatic drop in riders and ridership revenue for transit systems across the country, and the MTA was hit particularly hard. The MTA must continue taking creative measures to boost ridership, but stakeholders may have to come to terms with enhancing or identifying new sources of revenue, cost savings and efficiencies if the agency is to achieve a balanced budget once federal aid runs out.

DiNapoli: Lagging Ridership Leaves MTA With Hard Choices, Must Adjust to Changing Demand

Overall ridership on New York City’s regional transit system is not recovering as hoped, leaving revenue well below pre-pandemic levels and forcing the Metropolitan Transportation Authority (MTA) into a difficult financial position as federal aid dwindles, according to a report issued today by New York State Comptroller Thomas P. DiNapoli.

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