NYC Comptroller’s Office Releases Fiscal Year 2024 Popular Annual Financial Report

 

The Office of New York City Comptroller Brad Lander released the Popular Annual Financial Report (PAFR) for the fiscal year (FY) ending June 30, 2024. The PAFR is a comprehensive summary of the previously released Annual Comprehensive Financial Release (ACFR) containing the City’s audited financial statements and detailed data on the City’s finances.

“New York City’s economy has many core strengths and continues to recover from the pandemic, but nonetheless faces significant challenges in areas like housing affordability and employment,” said New York City Comptroller Brad Lander. “This year’s PAFR underscores the importance of better deploying the City’s sizable but nonetheless limited resources to most effectively meet the needs of all New Yorkers for a safer, thriving, healthy, well-educated, affordable, and well-managed city. I am thankful to the dedication of my Office’s Bureau of Accountancy who compiled this crucial report, continuing our commitment to transparency and accountability for the City’s fiscal resilience.”

The PAFR serves as an illustrative guide to the ACFR for residents and explains New York City government and finances in a concise and easy-to-understand manner. The PAFR is also enhanced with several explanatory visuals for readers.

For the 44th consecutive year, the City of New York was awarded the prestigious Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association (GFOA). This report will be submitted specifically for consideration of GFOA’s Award for Outstanding Achievement in Popular Annual Financial Reporting which the City of New York has received for the last nine fiscal years.

This year’s PAFR highlights:

New York City’s Economy

New York City’s economy continued to rebound from the pandemic during FY 2024, though at a slower pace than in the prior year.

Employment Across New York City

• The Leisure and Hospitality sector continued to add jobs, however, these job gains were offset by modest job losses in three of the city’s key sectors—Information, Professional and Business Services, and Financial Activities—as well as in Retail Trade and Construction.
• Employment in these last two sectors also continued to run well below pre-pandemic levels.

New York City’s Finances

Program and General Revenues

• In FY 2024, program and general revenues were approximately $115.2 billion, an increase of $4.9 billion from FY 2023. The major components of the changes in governmental activities revenues were operating grants and contributions, and real estate taxes.
• Real estate taxes had the most revenues, totaling $32.9 billion, followed by operating grants and contributions at $31.5 billion.
• Operating grants and contributions increased as a result of higher Federal and State revenues in FY 2024, primarily in Education Foundation Aid and Asylum Seeker and Federal Stimulus.
• The increase in real estate taxes resulted from growth in billable assessed value during the fiscal year.

Expenses

• FY 2024 expenses were approximately $122.1 billion, an increase of close to $15.3 billion from FY 2023.
  • General Government expenses increased due to an increase in Department of Citywide Administrative Services expenses for costs related to Asylum Seekers.
  • Education expenses increased due to collective bargaining agreements, growth in mandated costs for special education pupils, and increased charter school expenses.
  • Social Services expenses increased due to increased spending on daycare by the Administration for Children’s Services.
  • Housing expenses increased due to housing voucher rent increases, full roll-out of the Emergency Housing Voucher program, new shelter and service costs associated with the Asylum Seekers response, and increased funding for the New York City Housing Authority.
  • Health expenses increased due to costs related to Asylum Seekers.
  • Transportation expenses increased due to MTA’s decreased fare revenues, escalating MTA costs, and the State mandated higher City contributions.
• The major components of the changes in governmental activities expenses were within general government and education.

The full Popular Annual Financial Report for 2024 is available here.