State Comptroller Thomas P. DiNapoli's Weekly News

 

NYC’s Short Term Finances Are Boosted by

Strong Tax Collections + Savings Initiatives

Stronger-than-anticipated revenue and savings initiatives will allow New York City to maintain budget balance in the coming fiscal year, but the City faces financial pressures that are likely to increase already large out-year budget gaps, according to a report on the City’s 2024 Executive Budget released by State Comptroller DiNapoli. “The City’s economy continues to show resilience, supporting relatively strong revenues in the near-term,” DiNapoli said. “Still, the City faces considerable challenges, including costs to assist asylum seekers and fiscal cliffs for several programs. Given current reserve levels, budget risks, and an uncertain economy, the City should leverage short-term revenue strength and deposit more funds into its reserves to better weather the years ahead.” Read More

ALSO IN THE NEWS THIS WEEK

Note: Some news links may require a paid subscription.  New York pension fund puts ESG pressure on  Amazon, Facebook, ExxonMobil and others The Thruway Authority shouldn't be raising  tolls on those who pay until it does a better  job of collecting from those who don't. Comptroller concerned as state tax  collections are far below projections

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