State Comptroller Thomas P. DiNapoli - South Bronx Sees Economic Growth Despite Pandemic Challenges

 

South Bronx Sees Economic Growth

Despite Pandemic Challenges

The COVID-19 pandemic hit the South Bronx especially hard, but the area’s economy has shown resiliency, according to a report by New York State Comptroller DiNapoli. He shared the findings at La Central YMCA on Tuesday with City Councilmember Rafael Salamanca, Bronx Borough President Vanessa Gibson, Bronx Chamber of Commerce President Lisa Sorin, Hunts Point Produce Market CEO Phillip Grant, State Senator José Serrano, State Assemblymember Kenny Burgos, City Councilmember Althea Stevens and community groups and advocates.

“The South Bronx was hard hit by the COVID-19 pandemic but was resilient because of dedicated and hardworking neighborhood groups and advocates, and the strength of its residents,” said DiNapoli. “Still, the need for more affordable housing, jobs and quality of life improvements remains pivotal to the community’s long-term success.”

Despite the impact of the pandemic, jobs and businesses grew faster in the South Bronx than the rest of the borough and City. This was due in part to community-led investments through the pandemic, stemming from the City’s public-private partnerships to develop commercial, housing and cultural projects. Federal pandemic assistance helped many South Bronx businesses stay afloat, and in 2022, the area had 78,476 private sector jobs, which accounted for almost one-third of jobs boroughwide.

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DiNapoli Urges Companies to Join Workplace Pledge to Fight Antisemitism

State Comptroller DiNapoli, trustee of the New York State Common Retirement Fund, sent letters to 50 major portfolio companies, including Tesla Inc., Meta Platforms Inc, Microsoft Corp. and NIKE Inc., urging them to join the Anti-Defamation League’s Workplace Pledge to Fight Antisemitism. DiNapoli announced his action Saturday night at the Stand With Israel event at the Hampton Synagogue in Westhampton Beach. The event featured a keynote address by internationally known Rabbi Marc Schneier on unity and solidarity.

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Buffalo Woman Pleads Guilty to Stealing Her Deceased Grandmother's State Pension Payments

A 55-year-old Buffalo woman pleaded guilty to stealing more than $54,715 in State pension payments meant for her deceased grandmother, State Comptroller DiNapoli and Erie County District Attorney John J. Flynn announced. The defendant, Bernadette Russell, was convicted of grand larceny.

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DiNapoli and Oneida DA McNamara Announce Arrests of Utica School Superintendent and Former Utica Mayor for Theft of Public Funds

State Comptroller DiNapoli, Oneida County District Attorney Scott McNamara, and the New York State Police announced the arrest of the long-time superintendent of the Utica City School District (UCSD) Bruce Karam and the former Utica Mayor and UCSD School Board President Louis LaPolla for allegedly using taxpayer funds to pay for political campaigns and a non-school related fundraiser.

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ALSO IN THE NEWS THIS WEEK

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• Comptroller: South Bronx economy shows resiliency post-pandemic

• DiNapoli Urges Companies to Join Workplace Pledge to Fight Antisemitism
  
  
• NYS Comptroller Thomas DiNapoli discusses Arrests of Utica School Superintendent Bruce Karam and former School Board Member Louis LaPolla for Public Corruption and Theft
  
  
• Buffalo woman admits to stealing deceased grandmother’s pension
  
  
• Audit studies access to addiction services during pandemic

 Post of the Week 
Tom DiNapoli @NYSComptroller 

Comptroller Brad Lander Issues Annual Report on Capital Debt & Obligations, Unveils New Web Resource Focusing on NYC’s Infrastructure

 

New York City Comptroller Brad Lander released the Annual Report on Capital Debt and Obligations for fiscal year 2024, analyzing the city’s debt in relation to its tax base and national benchmarks. This report is accompanied by the launch of a new web resource about the Comptroller’s Office’s work to strengthen New York City’s infrastructure by focusing more strategically on where investment is needed, reforming the capital process to deliver projects on-time and on-budget, and raising the funding necessary to invest in the vital construction and improvements relied on by millions of residents, tourists, and daily commuters.

The report’s key findings:

• As of the start of FY 2024, New York City’s debt was $37.2 billion below the State Constitutional limit of $131.6 billion, highlighting the City’s substantial borrowing capacity and strong financial foundation. However, if the City continues to commit capital at the rate projected in the capital plan, it could exhaust its debt-incurring capacity by FY 2033.
• The share of the City’s tax revenues dedicated to debt service grew from 9.6% in FY 2022 to 10.2% in FY 2023, well below the 15% threshold used to evaluate affordability. However, rising interest rates and greater capital debt will push that number up nearer to the threshold in the coming years.
• The City’s credit rating remains strong. New York City’s debt burden is relatively high compared to U.S. peer cities, but not unreasonably so when viewed in context. Rating agencies maintained New York City’s bond rating at Aa2 (Moody’s), AA (S&P and Fitch), and AA+ (Kroll).

“New York City’s capital dollars contribute to essential infrastructure from schools, water systems, public spaces to housing in order to address the evolving needs of our growing city. This report provides a detailed look at how much debt the City has taken on to support these investments and how much room is left to borrow more. The City faces impending challenges from aging infrastructure, housing affordability, and the climate crisis. We must continue to strategically plan and invest in long-term solutions to ensure a sustainable and resilient future,” said Comptroller Brad Lander.

As the City manages these challenges, Comptroller Lander also launched a new web resource to bring transparency to the City’s infrastructure needs, help New Yorkers assess the status of the City’s capital planning, investments, and project management. This website is a repository for initiatives to improve capital project delivery, in-depth reports about the state of repair of the City’s infrastructure, analyses of the costs and delays in City construction, vulnerabilities in the face of climate change, and economic development opportunities among other critical aspects of public infrastructure projects.

“New Yorkers deserve a clear view into how the City spends their tax dollars– especially on the capital investments that are essential for our city’s long-term thriving. This new resource will help make sure funds are invested strategically by identifying the most critical investments to meet the challenges of the coming decades, protecting City dollars, and ensuring timely completion of projects with real-time insights into project timelines and budgets. Ultimately by transparently presenting our capital projects, this resource will empower New Yorkers to actively participate in overseeing these initiatives,” continued Comptroller Lander.

Read the full Annual Report on Capital Debt and Obligations.

View the new capital projects web resource.