NYC Finances Stabilizing
New York City’s finances have stabilized amid declining costs for asylum seekers and strong revenue, largely from growth in business and property tax collections. But potential policy changes on the federal level creates uncertainty for the coming years which require fiscal preparation, according to a report by State Comptroller DiNapoli.
“A return to greater budget stability is good news for New Yorkers and should provide the City with an opportunity to focus on managing demand for City programs and boosting industry sectors that are still recovering from the pandemic,” DiNapoli said. “However, with the potential for policy changes at the federal and State levels, preparation and transparency remain paramount to navigating future uncertainty. Outlining plans to leverage resources and bolstering reserve levels would be fiscally prudent for the City.”
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DiNapoli Issues Report on Transparency of Village Fiscal Activities
State Comptroller DiNapoli’s office released a report and series of audits reviewing compliance by villages with financial reporting and other requirements. While the share of villages filing their annual financial report on time improved from 30% to 46% since 2019, the number of villages that did not file at all grew from six in 2019 to 76 for fiscal year 2023, diminishing transparency.
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Local Sales Tax Collections Up 3% in November
Local sales tax collections in New York State increased by 3% in November compared to the same month in 2023, according to data released by State Comptroller DiNapoli. Overall, local collections totaled $1.86 billion for the month, up $53 million year over year, with New York City accounting for 61.5% of the increase.
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DiNapoli Statement on Governor's Veto of Transparency Legislation
State Comptroller DiNapoli released a statement regarding Governor Kathy Hochul’s veto of legislation that would have increased transparency on State spending and was supported unanimously in both the State Senate and Assembly.
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Thomas P. DiNapoli
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