Sunday, December 18, 2016

Comptroller Stringer Releases Fiscal Year 2016 Popular Annual Financial Report

To boost transparency, report outlines City’s revenues, expenses, budgets, and capital projects in an easy-to-read format

  New York City Comptroller Scott M. Stringer released the Popular Annual Financial Report (PAFR) for Fiscal Year 2016, which breaks down for the public the City’s revenues, expenses, budget, and capital projects in 25 easy-to-understand pages of graphs, charts, and plain-language explanations.
“Transparency is more important than ever before. With $73.7 billion in spending just last year, there’s no doubt that our City’s finances are complex, but we believe in simplifying them for the public. New Yorkers deserve to know how their government works. We break down important information in a way that is accessible to everyone and I encourage all New Yorkers to take a look,” New York City Comptroller Scott M. Stringer said.
Last year’s PAFR – the City’s first – received the Government Finance Officers Association’s Award for Outstanding Achievement in Popular Annual Financial Reporting. The Fiscal Year 2016 PAFR has been submitted for the same award this year.
The majority of the data in the PAFR comes from the Comptroller’s Comprehensive Annual Financial Report, which is released every year on October 31st. This year’s PAFR highlights information including:
New York City Saw Sustained Job Gains
  • The City added 98,100 private-sector jobs in FY16, a gain of 2.7 percent;
  • Breaking a five-year trend, more than half of the new private-sector jobs were in mid- to high-wage sectors;
  • All five boroughs had their lowest unemployment rates since FY08 – 4.5 percent in Manhattan, 4.6 percent in Queens, 5.3 percent in Staten Island, 5.4 percent in Brooklyn, and 7.2 percent in the Bronx;
Taxes and Revenue
  • Overall, the City brought in more than $80 billion in revenues in FY16, split between program revenues – such as grants – and general revenues, like taxes.
  • In FY16, New York City received $26 billion in grants and program revenues – about even with the previous year. The largest associated revenues were for education programs, which received nearly $12 billion, and social services, which brought in almost $5 billion.
  • Another $55 billion came in through general revenues, an increase of $395 million from the previous year. Sources included $23 billion in real estate taxes, $11.5 billion in personal income taxes, and $8.5 billion in sales and use taxes.
  • In the last year, 42 percent of tax revenues came from real estate taxes, compared to 21 percent from personal income tax, 16 percent from sales and use tax, and 19 percent from other taxes.
Expenses Grew
  • In FY16, the City spent $73.7 billion from its general fund – an increase of roughly $3.5 billion from FY15.
  • The largest share of resources was dedicated to education, at $22 billion.
Capital Project Commitments Decreased
  • Capital commitments totaled $8.5 billion, about $800 million less than in FY15.
  • This drop in capital commitments was led by the Department of Environmental Protection, which saw a decrease of $513 million, and the Department of Education, which had a decrease of $380 million.
  • Still, roughly one-third of the FY16 capital budget – $2.5 billion – was dedicated to the Department of Education. The Department of Environmental Protection was next with $1.6 billion, or 19 percent, followed by the Department of Transportation at $1.2 billion, or 14 percent.
Peer-City Comparisons
  • In 2014 – the most recent comparison available – New York City had 58.3 million tourists, outpacing Chicago, which had 52.75 million, and Philadelphia, which welcomed 39.7 million.
  • New York City boasts more than 39,000 acres of parkland, compared to roughly 12,500 in Chicago and 11,000 in Philadelphia.
Each city provides different types and levels of service for its residents. In FY16, New York City spent over $10,000 per resident, while Philadelphia spent about $4,000 and Chicago spent $2,600.

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