The average bonus paid to employees in New York City’s securities industry grew by 10 percent in 2020 to $184,000, in line with the city’s most recent 9.9 percent projection, likely allowing the city to meet or exceed its income tax revenue projections in FY2021, according to annual estimates released today by New York State Comptroller Thomas P. DiNapoli.
Comptroller DiNapoli has launched an interactive online tool of subway ridership that details where straphangers are, and are not, returning to the subway system, alongside neighborhood and local demographics, employment and income.
New York State Comptroller Thomas P. DiNapoli announced today that he has launched an interactive online tool using subway ridership data that details where straphangers are, and are not, returning to the subway system, alongside neighborhood and local demographics, employment and income.
As of December 2020, arts, entertainment and recreation employment declined by 66 percent from one year earlier, the largest decline among the City’s economic sectors.
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The COVID-19 pandemic ended a period of economic expansion in New York City during which new records for population, tourism, employment, and property values were achieved. As a result, City revenues grew rapidly from FY 2010 to FY 2019, enabling City spending to grow by 55 percent, nearly four times the rate of inflation, and provide a budget cushion of more than 10 percent of City-funded revenues at the start of FY 2020.
New York City is projecting a $3.4 billion surplus for city fiscal year (FY) 2021 because of better-than-projected revenues from income and corporate taxes, debt service savings from lower interest rates and a deferral of labor costs to FY 2022, but the city will have to overcome major fiscal challenges in the years ahead as it recovers from the COVID-19 pandemic, according to a report released today by State Comptroller Thomas P. DiNapoli.
New York State Comptroller Thomas P. DiNapoli released the following statement today in response to the Metropolitan Transportation Authority’s improved revenue forecast and expectations of additional federal aid.
“Improvements in fare, toll and tax collections have put MTA’s short-term finances on a stronger footing than expected. These positive developments mean that MTA can avoid recovery-damaging service cuts or layoffs in 2022.
Although New York City was an early epicenter for COVID-19, only 45.6 percent of firms in the City received Paycheck Protection Program (PPP) loans, below the national average of 50.9 percent.
New York City was the early epicenter of the COVID-19 pandemic outbreak, but many small businesses hit hardest were initially left out of the federal Paycheck Protection Program (PPP) because they faced difficulties meeting the program’s rigid requirements and lacked access to major lenders, according to a report released today by State Comptroller Thomas P. DiNapoli.
