Comptroller Stringer Releases Fiscal Year 2017 Comprehensive Annual Financial Report

  New York City Comptroller Scott M. Stringer released the City’s Comprehensive Annual Financial Report (CAFR) for Fiscal Year 2017, which includes the City’s audited financial statements for the year, outlines important economic and financial data about New York City, and highlights the work of the Comptroller’s Office during the fiscal year.

In accordance with the City Charter, the CAFR is released annually no later than October 31. In addition to the financial statements of the City as a whole and for each of the City’s accounting funds, explanatory notes to the financial statements, and supplemental financial and statistical information about the City, the CAFR contains the basic financial statements of the City’s five pension systems and closely-related entities such as NYC Health and Hospitals, the NYC Water and Sewer System, and the NYC Economic Development Corporation.

“Accountability and transparency matter, particularly when our City is facing an existential threat from Washington. Public data like this makes our City stronger — and my office will keep putting out the numbers that help explain New Yorkers’ government to them,” New York City Comptroller Scott M. Stringer said. “Once again, this year’s CAFR meets the highest standards of excellence.  This report is a testament to the dedicated public servants who keep our City running, and I’d like to acknowledge everyone from the five pension systems, the Mayor’s Office of Management and Budget, the Office of the Actuary, and especially the staff of our Bureau of Accountancy who worked so hard to put together this report.”

Last year’s CAFR, for FY 2016, was awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association. This is the 37th year in a row New York City has received this prestigious award.

This year’s CAFR reflects implementation of several new accounting standards, most notably ones which measure the liability for “Other Postemployment Benefits” and reclassify certain component units of the City as business-type activities. Implementing these standards resulted in the restatement of the City’s prior year ending net position – the difference between assets and liabilities reported on an accrual basis. There are, however, only modest changes in the City’s prior year fund balance within the governmental funds financial statements, which measure near-term inflows and outflows of financial resources.

Highlights from the FY 2017 CAFR include:

New York City’s Finances and Economy

• For the 37th year in a row, New York City completed the fiscal year with a General Fund surplus. In FY17, the General Fund surplus was $5 million.

• City tax revenues rose at their lowest rate since FY 2010, with robust growth in Real Property Tax revenues offset by declines in Sales, Personal Income, and property transaction taxes.

• The City’s Real Gross Product grew 2.1 percent, outperforming US GDP growth for the fifth consecutive year.

• New York City added 69,600 private-sector jobs, driving down citywide unemployment to 4.8 percent, the lowest rate since FY07.

The Comptroller’s Office

• Bureau of Asset Management – The Comptroller’s Bureau of Asset Management is the investment advisor to the City’s five Retirement Systems.
  • As of June 30, 2017 the Bureau of Asset Management had $182.3 billion in assets under management for the five New York City Retirement Systems. 

• The pension trust funds earned $24.4 billion in investment income, net of investment expenses, in Fiscal Year 2017, for a return of 13.0%.

• Employer and employee contributions to the pension trust funds totaled $13.9 billion and $2.9 billion respectively, and the Systems made payments to beneficiaries totaling $14.5 billion.

• Bureau of Public Finance – The Bureau of Public Finance, together with the Mayor’s Office of Management and Budget, issues bonds to finance the City’s extensive capital program.
  • The City, the New York City Transitional Finance Authority (TFA), and the New York City Municipal Water Finance Authority issued a total of $11.2 billion of long-term bonds to finance the City’s capital program and refinance higher coupon bonds for interest savings.

• Refundings from FY17 will generate $437.15 million in budgetary savings over the lifetime of the bonds. 

• In FY17, the City, the TFA, and the Water Authority together issued $8.4 billion of new money bonds and issued $2.8 billion of bonds to refund a portion of their outstanding bonds at lower interest rates. 

• As of June 30, 2017 the City’s outstanding General Obligation debt, the TFA’s Future Tax Secured debt, and the Water Authority’s debt together totaled $100.3 billion.

• Labor Law – The Comptroller’s Office sets and enforces prevailing wages for contractors on New York City public works projects. In FY17, the office:
  • Assessed more than $4.3 million in underpayments and interest against private contractors that violated New York’s Labor Law.

• Imposed penalties totaling $770,000 against those companies. 

• Opened 70 new cases, resolved 84 cases, and debarred 9 contractors for egregious conduct. 

• Economic Development – Since 1981, the City Pension Funds have invested in Economically Targeted Investments (ETIs). As of June 30, 2017:
  • The ETI program, including real assets, was valued at $2.96 billion. 

• Over the last decade, the ETI program has performed above its benchmark. 

• Since inception, this program has financed the construction or preservation of over 105,000 units of affordable housing and 432,000 square feet of commercial space in low- and moderate-income neighborhoods. 

• Bureau of Audit and Investigation – The City Charter requires the Comptroller’s Office to audit some aspect of every City agency at least once every four years. In Fiscal Year 2017, the Comptroller’s Office:
  • Issued 76 audits and special reports on the effectiveness and service quality of City programs and financial issues. 

• These audits and investigations identified approximately $66 million in actual and potential revenue and savings. A further review of claims filed against the City identified nearly $1.5 million in additional costs that could have been avoided. 

• Bureau of Accountancy – In addition to preparing the Comprehensive Annual Financial Report, the Bureau of Accountancy works to enhance internal controls, increase accountability on how City agencies spend taxpayer dollars, and safeguard assets through the periodic update and issuance of accounting Directives and Memoranda. In FY17, the Bureau issued updated directives governing imprest funds (Directive #3) and agency cash controls (Directive #11), and revised Comptroller Memoranda governing payment of unused leave balances and improvements to facilities leased by the City.

Financial Reporting Changes

The CAFR this year includes the adoption of new financial reporting statements issued by the Governmental Accounting Standards Board (GASB), including GASB Statements 74, 75, 80, and 82.

• GASB 74 had no impact on the City’s financial statements. GASB 75, however, modifies the calculation of the City’s liability for “Other Postemployment Benefits” (OPEB) – essentially retirement benefits other than pensions, predominantly retiree health insurance – which resulted in a restatement of the FY 2016 OPEB liability on the government-wide financial statements, but had no impact on governmental funds. 

• Implementation of GASB 80 resulted in the reclassification of certain discretely-presented and blended nonmajor governmental fund component units as blended business-type activities, including the Brooklyn Bridge Park Corporation, the Trust for Governors Island, the WTC Captive Insurance Corp., and the Tax Lien Trusts. The reclassification of the Tax Lien Trusts resulted in a slight adjustment in the Governmental Funds fund balance for fiscal year 2016. 

• GASB 82 addresses certain issues with respect to the presentation of pension-related information. Implementation had no material impact on the City’s financial statements.

To view the full report, click here.

Comptroller Stringer Releases Seven-Point Plan to Save Taxpayer Dollars for Next Superstorm or Emergency

As fifth anniversary of Hurricane Sandy approaches, Stringer calls for new ‘fiscal resiliency’ measures to better serve victims and taxpayers in emergencies

  As the fifth anniversary of Superstorm Sandy approaches, New York City Comptroller Scott M. Stringer today released a new report and seven-point plan to save taxpayer dollars, prevent price-gouging on contracts, and ensure that New Yorkers get the help they deserve after an emergency. Drawing on lessons from the aftermath of Sandy, Comptroller Stringer called for fiscal preparedness measures and strategies – which can be implemented now – to save money in the event of a future emergency situation. The new report today, Fiscal Resiliency: Reforming New York City’s Emergency Procurement System before the Next Storm, recommends ways to leverage the purchasing power of the city, negotiate costs in advance, and reform emergency procurement.

“Let there be no doubt that with the realities of climate change, a future Sandy is coming. To be ready for the next storm, we have to learn the lessons from the last one. That’s what this report is all about. Just as we must fortify our shorelines and fiscal infrastructure, and our goal here is to think ahead to promote smart, concrete, substantive steps that can be taken today to save taxpayers down the road,” said New York City Comptroller Scott M. Stringer. “This isn’t about laying blame for the past, but it’s instead about planning for the future. Leveraging our buying power as a government will allow us to spend money where it matters most – not on profits for contractors, but on New Yorkers, their homes, their schools, and their communities. We believe that when it comes to emergency contracting, the best preparation is with sunlight and with transparency. This is realistic roadmap for the future both for New York and for any city facing an emergency.”

To quickly secure goods and services during unforeseen crises, emergency procurements are an essential tool for the City. Emergency procurements, unlike many other procurement methods, can be made with limited competition, enabling the City to act quickly when emergency circumstances arise. However, emergency contracting postpones many of the vendor integrity or competitive pricing requirements that characterize the City’s normal contracting process, possibly resulting in higher costs or inferior services. In its response to Superstorm Sandy, the City sought authorization for over $1.3 billion in emergency spending for a wide array of goods and services.

To avoid overreliance on emergency contracts and to address several of the procurement challenges which arose from the City’s response to Sandy, Comptroller Stringer has laid out a seven-point plan the City can implement to prepare for a future emergency situation, foster transparency, and enhance accountability:

1. Develop and publish a citywide procurement plan: Emergency procurements can drastically raise the prices of common goods and services compared to normal procurements. For instance, an emergency contract for portable toilets during Sandy cost more than 90% more than a normal procurement and an emergency contract for road salt executed during the 2013-2014 winter cost more than 285% than comparable procurements. By planning ahead for emergency needs, the City can build capacity to respond to disasters through normal, competitive procurements. The emergency contracting plan should draw on the expertise of multiple agencies and should extend beyond basic items such as water and blankets to more difficult procurements like social services, telecommunication, construction, transportation, and temporary office space, and housing.
2. Develop a more robust catalogue of requirements or ‘on-call’ contracts: Specifically, there must be a catalogue of on-call contracts for the procurement of emergency goods and services that the City can access in the event of an emergency. On-call contracts allow the City to pre-negotiate rates for specific goods and services that could be needed in an emergency, creating a more cost-effective and reliable pipeline of help in advance of any disaster.
3. Include “Emergency Contract Riders” – or emergency-specific provisions – allowing access to select services under existing citywide contracts to be activated in an emergency situation: Such language would allow the City the flexibility to access goods and services from existing contracts and a universe of proven responsive and responsible vendors.
4. Learn from complications arising from the City’s Rapid Repairs program and develop an improved model for a home repair program that can be launched when disaster strikes: The City should create a framework for a future home repair program, including model contracts which can be bid out in the immediate aftermath of a storm or disaster, to avoid some of the confusion around billing that came to define the City’s Rapid Repairs program in the months and years after the storm. By memorializing contract terms, scope of work, program requirements, and oversight authority ahead of an emergency, the City can guard against poor-quality work, delayed payments to vendors, and disagreements over billing.
5. Cooperate more efficiently on the state, regional and national levels to pool contracts and create resources: Doing so would exponentially expand the universe of goods and services New York would have access to in an emergency and will harness the collective buying power of the government by working together.
6. Increase oversight and transparency by requiring periodic emergency contract updates, instituting new training curriculums, and striving for early registration of contract. While emergency contracts should be the last resort of agencies, several steps can be taken to guard against waste or mismanagement. When agencies quickly enter into emergency contracts, they can unintentionally fail to implement crucial accountability measures that protect the interests of taxpayers.
7. Establish protocols to expand the use of P-Cards – or City-issued credit cards – in the event of an emergency: Such an expansion should go beyond the current low dollar thresholds with an appropriate level of corresponding oversight, to provide vendors immediate payment for services rendered during emergencies. This would allow for on-the-spot procurement decisions to be made by first responders and recovery officials, while also providing an electronic, real-time record of purchases for later tracking.

The urgency for strategic planning has only been magnified in the devastating aftermath of recent hurricanes that have leveled Puerto Rico, Houston, Florida, and the U.S. Virgin Islands.

To read the Comptroller’s full report, click here.

MAYOR’S PUBLIC ENGAGEMENT UNIT’S COMMUNITY SCHEDULE

Throughout November, Mayor de Blasio’s Public Engagement Unit has planned events citywide to help New Yorkers access resources and information from the Tenant Support Unit, Home Support Unit, and GetCoveredNYC.

The Tenant Support Unit engages and provides assistance to New Yorkers who may be at risk of displacement or experiencing harassment in zip codes covered under the Human Resources Administration (HRA)’s Anti-Harassment Tenant Protection legal service funding. In addition, TSU proactively engages New Yorkers who may be eligible for the Department of Finance’s Rent Freeze benefits to assist them through the application process. Outreach specialists go door to door to inform tenants of their rights, identify any housing-related issues and connect them with a range of resources, such as anti-eviction legal assistance, to keep them in their homes. In addition, outreach specialists’ partner with elected officials and community groups to hold weekly office hours and attend local events.

The Home Support Unit partners with landlords and brokers to identify apartments for clients transitioning out of shelter with rental subsidies. HSU partners closely with the Human Resources Administration, the Department of Homeless Services (DHS), and community-based providers to match prospective tenants to apartments, coordinate viewings, and navigate landlords and brokers through the City’s leasing process. Specialists remain engaged with the landlord even after lease signing to ensure new tenants are supported and have access to resources that help them remain stably housed.

The Homebase Outreach Team proactively engages families at risk of entering shelter to connect them to Homebase, a homelessness prevention program that provides casework services and referrals to existing resources. Specialists make phone calls and attend community events to provide families at risk with information about the preventive services available in the community and, when appropriate, help them access those services, so they avoid entering shelter.

GetCoveredNYC is a city-wide initiative to enroll New Yorkers in health insurance and provide them with access to primary and preventive care at NYC Health and Hospitals. The initiative is a partnership between NYC Health and Hospitals, Department of Health and Mental Hygiene, Human Resources Administration and MetroPlus.  The initiative includes a robust team of outreach specialists, who proactively go door to door and call uninsured New Yorkers to discuss their health insurance options, schedule them for free in-person enrollment assistance and case manage them through the enrollment process. In addition, the initiative launched a city-wide paid media campaign to promote the importance of coverage and how New Yorkers can receive free in-person enrollment assistance – including calling 311 or texting CoveredNYC to 877877.

   

For more information on these initiatives, New Yorkers can call 311 or visit nyc.gov.

The Bronx

November 1, 8, 15

10:00 A.M. – 12:00 P.M.

Davidson Community Center- Food Pantry

2038 Davidson Avenue

Bronx, NY 10453

(Home Support Unit)

November 1, 8, 15, 22, 29 (Weekly on Wednesdays)

11:00 A.M. – 3:00 P.M.

Assembly Member Blake’s Office

780 Concourse Village West

Bronx, NY 10451

(GetCoveredNYC)

November 2, 16

11:00 A.M. – 3:00 P.M.

Assembly Member Joyner Office Hours

910 Grand Concourse

Bronx, NY 10451

(Tenant Support Unit)

November 2, 16, 30

11:00 A.M. – 6:00 P.M.

UNHP Refuge House

2715 Bainbridge Avenue

Bronx, NY 10458

(Tenant Support Unit)

November 2, 16, 30

3:00 P.M. – 6:00 P.M.

New York Public Library- Francis Martin Branch

2150 University Avenue

Bronx, NY 10453

(Tenant Support Unit)

November 7, 14

10:00 A.M. – 12:00 P.M.

Community Food Pantry at Highbridge

1363 Ogden Avenue

Bronx, NY 10452

(Home Support Unit)

November 9

3:00 P.M. - 6:00 P.M.

New York Public Library- Grand Concourse Branch

155 E 173^rd St

Bronx, NY 10457

(Tenant Support Unit)

November 11, 25

11:00A.M. – 2:00 P.M.

New York Public Library - Sedgwick Branch

1701 Dr. Martin Luther King Jr. Blvd

Bronx, NY 10453

(Tenant Support Unit)

November 14, 20

3:00 P.M. – 6:00 P.M. on 14^th and 11:00 A.M. – 2:00 P.M. on 20^th

Tabling with Senator Serrano

New York Public Library- High Bridge Branch

78 West 168^th Street

Bronx, NY 10452

(Tenant Support Unit)

November 17

10:30 A.M. – 1:00 P.M.

Evelyn Place Senior Center

2 Evelyn Place

Bronx, NY 10468

(Tenant Support Unit)

Bronx Chamber of Commerce Salutes Five Veteran Heroes at our November 16th Veterans Recognition Luncheon

November at KRVC

Join Us this November for these
Great Community and KRVC Events!

ELECTED OFFICIALS AND TRANSIT SAFETY ADVOCATES CALL FOR IMMEDIATE INSTALLATION OF PEDESTRIAN SAFETY BOLLARDS

  Council Transportation Chair Ydanis Rodriguez, Council Members Corey Johnson, Jumaane Williams, Margaret Chin, elected officials, and transportation advocates call on the City of New York to install pedestrian safety bollards along sidewalks in key areas of high pedestrian volume and other pedestrian safety measures to protect New Yorkers.

 

Elected officials and pedestrian safety advocates discussed various pedestrian safety measures, including Introduction 1658 whose primary sponsor is Chair Rodriguez. The bill would require the installation of bollards in front of schools, plazas and vision zero priority corridors, among other details. The bill was introduced and heard before the Transportation Committee in June and is awaiting a vote by the full Council body; however, the call will be to begin installation now before the legislation goes to a vote.

 

The heightened urgency of protecting pedestrians comes, in part, as vehicles have increasingly been used as weapons of mass destruction. The recent attack in New York City resulted in eight deaths and eleven injured.

 

"For the safety of New York City's pedestrians, we need the installation of more bollards in the city's most crowed areas," said Council Member Ydanis Rodriguez, Chair of the Council Committee on Transportation. "New York is one the biggest targets for these types of attacks and we will continue to work together to prevent these kinds of tragedies from happening. I thank the courageous men and women of the NYPD for avoiding a greater loss of life, in particular Officer Ryan Nash, and all law enforcement and investigation agencies working to bring clarity about this act of hate and terror."

Wave Hill Events Nov 17–Nov 24 Harvest Weekend—and Black Friday Meditation!

Harvest Weekend at Wave Hill is such a low-key, hands-on experience. To my mind, it’s just what we need leading up to Thanksgiving Day—and the day after: Black Friday Meditation is truly a reason to give thanks following the feast.

Sat, November 18    Family Art Project: Cornhusk Dolls

Celebrate corn and harvest time! Listen to Native American tales, and hear about the power of a talking stick. Then tie, weave and shape dried husks into a single, cornhusk doll or corny doll family. Free, and admission to the grounds is free until noon. Harvest Weekend event. 

WAVE HILL HOUSE, 10AM‒1PM

Sat, November 18    In The Shop: Ruby Lu Confections

Stop in The Shop at Wave Hill this weekend to help celebrate the bounty of family and community: Today we welcome Ruby Lu Confections, an Inwood-based enterprise devoted to hand-crafting artisanal caramels made in the classic tradition and updated with modern flavors. Harvest Weekend event.

PERKINS VISITOR CENTER, 10AM–4PM

Sat, November 18    Garden Highlights Walk

Join a Wave Hill Garden Guide for an hour-long tour of seasonal garden highlights. Free, and admission to the grounds is free until noon.

MEET AT PERKINS VISITOR CENTER, 11AM

Sat, November 18    New York Community Trust Van Lier Fellowship Info Session

SATURDAY, NOVEMBER 18, 12:30PM

Come to an information session to learn more about this one-year fellowship, administered on behalf of the Edward and Sally Van Lier Fund of the New York Community Trust. It will be awarded to two New York City-based artists, who are age 30 or younger (born 1988 or after) and not currently enrolled in a degree-granting program. The fellowship provides emerging artists from historically underrepresented populations with mentorship opportunities, including working with the curatorial staff, artists and arts professionals to prepare and promote their projects and to define career paths. Van Lier Visual Artist Fellows participate in Wave Hill’s Winter Workspace Program and Sunroom Project Space. The deadline for applications is November 27. An artist talk with former Van Lier Visual Artist Fellows Julian Chams and Beatrice Glow follows the info session at 2PM. Free with admission to the grounds.

WAVE HILL HOUSE, 12:30PM

Sat, November 18    Julian Chams and Beatrice Glow: A Call & Response Artist Talk

Call & Response artists Julian Chams and Beatrice Glow collaborated on a digital collage printed on fabric, reflecting and promoting indigenous cultural values about environmental stewardship. They will speak about their collective and individual processes in creating their piece. Free with admission to the grounds.

GLYNDOR GALLERY, 2PM

Sat, November 18    Perfect Pumpkin Pie Workshop

Do you have pie anxiety? Chef Robert Valencia from Wave Hill exclusive caterer Great Performances alleviates all of your pie-making fears in this hands-on workshop. Mix and roll pastry from scratch and make a delicious pumpkin filling laced with seasonal spices. We’ll bake your pie in our Café kitchen and you’ll take it home the same day. $35/$25 Wave Hill Member. Registration required, online at wavehill.org or onsite at the Perkins Visitor Center. Harvest Weekend event.

WAVE HILL HOUSE, 2:30–4:30PM

Sun, November 19    Family Art Project: Cornhusk Dolls

Celebrate corn and harvest time! Listen to Native American tales, and hear about the power of a talking stick. Then tie, weave and shape dried husks into a single, cornhusk doll or corny doll family. Free with admission to the grounds. Harvest Weekend event. 

WAVE HILL HOUSE, 10AM‒1PM

Sun, November 19    In The Shop: Josephine’s Feast Preserves

Stop in The Shop at Wave Hill this weekend to help celebrate the bounty of family and community: Today we Josephine’s Feast Preserves, a collection of seasonal, sustainable and artisanally made confiture, crafted using limited quantities of local fruits and traditional, slow-cooking methods. Harvest Weekend event.

PERKINS VISITOR CENTER, 10AM–4PM

Sun, November 19    Garden Highlights Walk

Join a Wave Hill Garden Guide for an hour-long tour of seasonal garden highlights. Free with admission to the grounds.

MEET AT PERKINS VISITOR CENTER, 2PM

Mon, November 20    

Closed to the public.

Tue, November 21    Garden Highlights Walk

Join a Wave Hill Garden Guide for an hour-long tour of seasonal garden highlights. Free, and admission to the grounds is free until noon.

MEET AT PERKINS VISITOR CENTER, 11AM

Tue, November 21    Gallery Tour

Wave Hill’s Curatorial Fellow leads a tour of the current exhibition in Glyndor Gallery. This fall, the entire gallery is given over to new site-responsive projects honoring the tenth anniversary of Wave Hill’s Sunroom Project Space. Call & Response showcases the work of 50 artists who have exhibited in this unique venue, in projects ranging from art objects created from natural materials gathered onsite, to sound pieces, outdoor installations and performance works. Free with admission to the grounds.

GLYNDOR GALLERY, 2PM

Thu, November 23    Thanksgiving

Wave Hill is closed.

Fri, November 24    Black Friday Meditation

Avoid “Black Friday” busyness! Join us for a community meditation focused on gratitude and clearing your mind of holiday clutter. Get inspired by the outdoors and the peace and tranquility that nature evokes, and learn how to work loving kindness into daily life. Led by Neem Dewji of Yoga for Bliss. Registration not required. Please bring a meditation cushion and be on time; latecomers will not be admitted. Free with admission to the grounds.

ECOLOGY BUILDING, 11AM–NOON

A 28-acre public garden and cultural center overlooking the Hudson River  and Palisades, Wave Hill’s mission is to celebrate the artistry and legacy of its gardens and landscape, to preserve its magnificent views, and to explore human connections to the natural world through programs in horticulture, education and the arts.

HOURS  Open all year, Tuesday through Sunday and many major holidays: 9AM–4:30PM, November 1–March 14. Closes 5:30PM, starting March 15.

ADMISSION  $8 adults, $4 students and seniors 65+, $2 children 6–18. Free Saturday and Tuesday mornings until noon. Free to Wave Hill Members and children under 6.

PROGRAM FEES  Programs are free with admission to the grounds unless otherwise noted.

Visitors to Wave Hill can take advantage of Metro-North’s one-day getaway offer. Purchase a discount round-trip rail far and discount admission to the gardens. More at http://mta.info/mnr/html/getaways/outbound_wavehill.htm

DIRECTIONS – Getting here is easy! Located only 30 minutes from midtown Manhattan, Wave Hill’s free shuttle van transports you to and from our front gate and Metro-North’s Riverdale station, as well as the W. 242nd Street stop on the #1 subway line. Limited onsite parking is available for $8 per vehicle. Free offsite parking is available nearby with continuous, complimentary shuttle service to and from the offsite lot and our front gate. Complete directions and shuttle bus schedule at www.wavehill.org/visit/.

Information at 718.549.3200. On the web at www.wavehill.org.