Wall Street’s 2023 first half profits of $13 billion were down 4.3% from the same period last year but tracked the industry’s return to pre-pandemic levels of revenue after record profits in 2020 and 2021, according to State Comptroller Thomas P. DiNapoli’s annual report on the performance of New York City’s securities industry.
In a turnaround from the fiscal crisis it faced a year ago, the Metropolitan Transportation Authority (MTA) today stands on firmer financial ground, largely because the state budget provided dedicated sources of revenue to close projected budget gaps, according to New York State Comptroller Thomas P. DiNapoli’s annual report on the MTA’s fiscal outlook.
In a turnaround from the fiscal crisis it faced a year ago, the Metropolitan Transportation Authority (MTA) today stands on firmer financial ground, largely because the State budget provided dedicated sources of revenue to close projected budget gaps. With this improved financial picture, the burden is now on the MTA to improve the region’s transit system and win riders back, while keeping its budget balanced.
New York City is planning significant steps to reduce city-funded spending by as much as 15% in response to substantial budget gaps fueled by escalating costs in the years ahead. However, the city’s ability to cut spending is limited to what it has discretion and control over, according to a report released today by State Comptroller Thomas P. DiNapoli.
New York City is planning drastic steps to reduce City-funded spending by as much as 15% in response to substantial budget gaps fueled by escalating costs in the years ahead. This report urges the City to provide greater transparency on nondiscretionary costs that it does not have direct control over to help the public, policymakers and its funding partners understand what’s at stake.
The COVID-19 pandemic has caused property tax disparity to worsen in New York City, driving housing costs higher for many, according to a report released today by New York State Comptroller Thomas P. DiNapoli. Property tax disparities have been well documented for decades by advocates, fiscal monitors and the city, but the report found even when property values declined for many condos, co-ops and rental apartments due to the pandemic, property tax bills continued to rise.
New York State Comptroller Thomas P. DiNapoli issued the following statement after giving remarks at New York City Financial Control Board’s annual meeting today:
“New York City’s 2024 budget increased spending to address growing demand for services using stronger than expected revenues and remaining federal pandemic aid.
“Significant risks are on the horizon, however. Unbudgeted costs for housing asylum seekers and other humanitarian efforts will quickly exceed the city’s resources. Federal aid and policy guidance are needed to assist the growing burden on the city.
New York City’s residential real estate market has proven resilient to the COVID-19 pandemic recession, with family homes in the outer boroughs seeing significant growth in value as people sought larger spaces amid limited supply. However, changes to tax bills do not necessarily follow market values due to assessment caps and phase-ins. The complexity of the City’s property tax structure led to significantly larger increases in tax bills for lower-valued properties during the pandemic.
New York City’s finances continue to benefit from better-than-projected revenues and savings generated through initiatives launched in response to its financial challenges. While many of the fiscal challenges facing the City are not in its direct control — including the continued influx of asylum seekers, elevated demand for City programs due to an uneven recovery and the potential for federal and State actions that could further pressure City finances — preparation remains paramount to navigating this uncertainty.
A $5.5 billion surplus from last fiscal year and $1.7 billion in savings from the city’s Program to Eliminate the Gap (PEG) have helped New York City balance its $112.6 billion budget for city fiscal year (FY) 2024, despite $2.9 billion in costs in FY 2024 to address the influx of asylum seekers.
