On April 25, the Mayor released his executive budget for fiscal year (FY) 2020 and the associated financial plan (the “April Plan”). The FY 2020 budget totals $92.5 billion, including $68.2 billion that will be funded with locally generated revenues (i.e., City funds).

New York City is currently experiencing the largest and longest job expansion in the post– World War II period. Since 2009, the City has added 820,400 jobs, bringing employment to a record level of 4.55 million in 2018 and reducing the annual unemployment rate to 4.1 percent, the lowest on record.

On November 22, 2019, the City of New York released a revised four-year financial plan for fiscal years 2020 through 2023 (the “November Plan”). The November Plan reflects an upward revision in the City’s revenue forecast for FY 2020, increased agency spending and a citywide savings program to narrow the FY 2021 budget gap.

Wall Street and the nation have been pounded by the fallout from the subprime credit crisis that reached a critical point in July 2007.

The global financial crisis was rooted in excessive risk-taking, which exposed the financial industry to historic losses when underlying assumptions proved faulty.

The recent financial crisis, which was precipitated by excessive risk-taking, began in the United States but quickly spread across the globe and caused the worst recession since the Great Depression.

Wall Street recovered quickly from historic losses in 2007 and 2008 (greatly aided by the intervention of the federal government), but it still faces significant challenges.

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.

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).

Six years after the financial crisis, the securities industry continues to deal with the fallout. Regulatory reforms are changing the way the industry operates by requiring larger reserves, limiting certain activities and imposing other changes intended to reduce unnecessary risk and to enhance transparency.