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 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 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 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 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.

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 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 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.

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 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.