The Office of New York City Comptroller Brad Lander released the Popular Annual Financial Report (PAFR) for the fiscal year (FY) ending June 30, 2025. The PAFR provides the public with a concise and accessible snapshot of the financial statements and details published in the accompanying Annual Comprehensive Financial Report (ACFR).
The PAFR is a widely used resource for New Yorkers and various stakeholders seeking an easy-to-understand explanation of the City’s fiscal health. It includes explanatory visuals to increase accessibility for readers.
“As we mark the 50th anniversary of the City’s fiscal crisis, we are reminded of the importance of transparency tools like the PAFR which provide a clear-eyed view of the City’s fiscal health for the public and stakeholders alike,” said New York City Comptroller Brad Lander. “This year’s release, distilling the information in the accompanying ACFR, shows that we are on solid financial footing, but weathering future challenges equitably to meet the needs of all New Yorkers will require a disciplined and prudent approach. I am grateful for the dedication of my Office’s Bureau of Accountancy whose efforts preparing this report advances our commitment to transparency and accountability for the City’s fiscal resilience.”
For the 45th consecutive year, in acknowledgement of excellence and commitment to compiling this resource, among many, 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 also 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 ten fiscal years.
This year’s PAFR highlights:
New York City’s Economy
New York City’s economy continued moderate growth during FY 2025.
Employment Across New York City
- Employment gains were mostly in the Health & Social Assistance sector.
- Employment in the city’s key Finance, Information, and Professional & Business Services sectors was little changed, but these sectors experienced fairly strong wage growth.
Housing & Real Estate
- The housing rental market grew increasingly tight over the course of the year, while the sales market was more sluggish.
- Roughly 37,000 housing units were added to the city’s housing stock in 2024 (a 1% increase, in line with job growth)—enough to prevent the housing shortage from getting worse but not enough to alleviate it.
- In general, most of the expansion in housing occurred in neighborhoods adjacent to or in Manhattan.
New York City’s Finances
Program and General Revenues
- In FY 2025, program and general revenues were approximately $120.1 billion, an increase of $4.9 billion from FY 2024. The major components of the changes in governmental activities revenues were an increase in tax revenues and a decrease in operating grants and contributions.
- Real estate taxes had the most revenues, totaling $34.5 billion, followed by operating grants and contributions, at $30.2 billion.
- The increase in personal income taxes (from $13.61 billion in FY 2024 to $16.32 billion in FY 2025) is driven by a robust labor market and record high Wall Street bonuses, coupled with continued strength in financial markets.
- Operating grants and contributions decreased (from $31.52 billion in FY 2024 to $30.17 billion in FY 2025) due to the decline in Federal revenues in FY 2025, primarily in Education Foundation Aid and Federal Stimulus.
- The increase in real estate taxes (from $32.92 billion in FY 2024 to $34.48 billion in FY 2025) resulted from growth in billable assessed value during the fiscal year.
Expenses
- FY 2025 expenses were approximately $120.3 billion, a decrease of close to $1.8 billion from FY 2024. The major components of the changes in governmental activities expenses were within social services and education.
- A decrease in general government expenses (from $10.13 billion in FY 2024 to $9.19 billion in FY 2025) was due to implantation of prior year savings initiatives and changes in procurement schedules.
- Social Services expenses grew (from $21.08 billion in FY 2024 to $22.32 billion in FY 2025) due to increased spending for rental assistance costs and public assistance costs.
- Environmental Protection expenses increased (from $5.006 billion in FY 2024 to $5.008 billion in FY 2025) due to increases in hiring, collective bargaining, water treatment costs, and investments in technology and cybersecurity measures.
The full Popular Annual Financial Report for 2025 is available at https://comptroller.nyc.gov/reports/popular-annual-financial-reports/.
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