Council Member Marjorie Velázquez - What's Happening in District 13

 

Dear Neighbor,

This month I had the opportunity to connect with many of you, whether it was about upcoming holiday meal security or how you can take advantage of the financial support programs offered by New York City. It was insightful seeing how many community members rely on my office for assistance in applying for programs like SCRIE (Senior Citizen Rent Income Exemption) and DRIE (Disability Rent Increase Exemption) to continue living in the communities they’ve helped build. I hope that before the year ends, more people take advantage of the programs offered by the City as we strive to create equitable opportunities for all generations.

As we head into October’s final days, we are also getting ready to celebrate Halloween and Dia de Los Muertos (Day of the Dead). For those unfamiliar with Dia de Los Muertos, this holiday takes place on November 1st and 2nd and originates in Mexico. During this sacred time, living family members pay their respects to their loved ones who have passed away. To commemorate both holidays, the Westchester Square BID will be hosting Halloween at the Square on Monday, October 31st from 5 PM to 7:30 PM. There are other Halloween events happening throughout the community, which are below.

As we move into the holiday season, I want to remind everyone that we all come from different walks of life, and it’s important to respect everyone’s cultural and ethnic backgrounds. There is no room for hate in our communities, and we must work together to bring awareness to our unique differences that make our community whole. Cultural diversity and acceptance are how we will win at being one of the most diverse and unique districts in New York City.

If you have any questions or would like further information, you can reach out to my office Monday to Friday from 9 AM to 5 PM at (718) 931-1721 or via email at District13@council.nyc.gov.

In the meantime, I look forward to seeing you all around the district and hope you have a safe weekend!

Sincerely,

Council Member Marjorie Velázquez

Halloween in District 13

Celebrating Dia de los Muertos and Halloween at Westchester Square

On Monday, October 31 from 5 PM to 7:30 PM, the Westchester Square Business Improvement District will be hosting this year’s Halloween and Dia de los Muertos (Day of the Dead) celebration. If you’re unfamiliar with Dia de los Muertos, this holiday traditionally takes place on November 1st and 2nd and originated in Mexico. During this sacred time, living family members pay their respects to their loved ones who have passed away. This event is open to the public and residents of all ages.

Halloween is a night that comes around once a year where we get to dress up as our favorite characters, go trick-o-treating, and spend time with our families. To ensure you have a safe Halloween, below are a few tips to keep in mind this years.

Tips for Trick-o-Treating

• Walk, don’t run. When possible, use the sidewalks; avoid walking in the street as much as possible.

• Wear shoes/a costume that properly fits. Sneakers are a great option, especially for younger children.

• Avoid homemade treats and only eat factory-wrapped candy (be sure to check candy any tampering).

• Use a flashlight or reflective tape, especially in areas with poor lighting.

• If possible, only visit homes in your neighborhood or visit areas you are familiar.

• Go out in groups; if a child is under 12 years old, it’s recommended to have an adult along to supervise. If a child is old enough, they should still travel with a group of friends in familiar areas.

NYC Comptroller’s Office Releases Fiscal Year 2022 Annual Comprehensive Financial Report

 

For the first time, financial and statistical tables in the annual report will be available for download as data files.

The Office of New York City Comptroller Brad Lander released today the Annual Comprehensive Financial Report for Fiscal Year 2022. The Annual Report contains the City’s audited financial statements for the year running from July 1, 2021 through June 30, 2022 and provides detailed data on New York City’s finances. For the first time, the financial and statistical tables in the annual report will be available for download on the Comptroller’s website at comptroller.nyc.gov.

“This year’s Annual Comprehensive Financial Report comes at a time of economic change and disruption in the global economy and details the impact of some of those shifts on our local economy and city finances,” said Comptroller Brad Lander. “Despite many challenges, federal stimulus helped us navigate through the pandemic, and at the urging of my office and others, the City made the largest yet deposit into the City’s rainy day funds, to help us navigate choppy waters ahead.”

The Annual Report, which is released within four months after the close of the City’s fiscal year in accordance with the City Charter, includes the financial statements of the City as a whole and for each of the City’s accounting funds, explanatory notes to the financial statements, supplemental financial and statistical information about New York City, and the basic financial statements of the City’s five retirement systems and entities such as NYC Health + Hospitals, the NYC Water and Sewer System, and the NYC Economic Development Corporation.

For the 42nd 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).

“I’m so grateful for the diligent work of our Bureau of Accountancy and the hundreds of accounting and financial professionals in every City agency who help compile this report,” Comptroller Lander continued. “New York City’s award-winning ACFR provides the foundation of our City’s good faith and credit, not only with ratings agencies and bondholders, but with the people of the City of New York. I’m proud that this year, for the first time the financial and statistical tables in the report are available for download, making this information more broadly accessible. Ensuring that New York City’s financial reporting is accurate, transparent, and reliable is an essential foundation for trust in our local government and our democratic institutions.”

Highlights from the FY 2022 Annual Report include:

City of New York Finances 

• In FY 2022, the General Fund had revenues and other financing sources of $107.23 billion and expenditures and other financing uses of $105.92 billion, resulting in a surplus of $1.30 billion including restricted fund activities, contributions to the Revenue Stabilization Fund, and transfers to close projected FY 2023 gaps.

• Fiscal Year 2022 revenues were $7.64 billion higher than FY 2021 and expenses were $5.92 higher than FY 2021. Excluding the transfers to eliminate future fiscal year projected gaps, expenditures and other financing uses increased in FY 2022 by $8.20 billion or 8.4 percent.
• In Fiscal Year 2022, the City deposited a combined total of $2.2 billion in the Retiree Health Benefit Trust (RHBT) fund and in the Revenue Stabilization Fund (RSF), approaching the amount of $2.5 billion recommended by the NYC Comptroller. The total of long-term reserves (RHBT and RSF) is $6.538 billion, or 9.4 percent of the City’s Fiscal Year 2022 tax revenues, the highest absolute amount since their creation, but still well below the estimate of 16.0 percent needed to weather the full length of a recession.

New York City Retirement Systems – The Comptroller’s Bureau of Asset Management is the investment advisor to the City’s five retirement systems: New York City Employees’ Retirement System (NYCERS), Teachers’ Retirement System of the City of New York (TRS), New York City Police Pension Fund (Police), New York City Fire Pension Fund (Fire), and the New York City Board of Education Retirement System (BERS).

• In the first half of 2022, public equity markets had the worst performance in 50 years, and all major public asset classes except commodities incurred significant losses.
• As of June 30, 2022, the combined investments assets of the City’s five Systems totaled $239.5 billion. This total represented a decrease of $26.6 billion from the June 30, 2021, value of $266.1 billion. During the fiscal year, the fair value of the assets ranged from a high of $274.74 billion (Dec 2021) to a low of $239.54 billion (June 2022).

• The time-weighted return (net of manager fees) of the aggregate portfolio was -8.65 percent in fiscal year 2022 and 25.8 percent in fiscal year 2021. The fiscal year 2022 return of -8.65 percent exceeded the Public Markets Index return of -13.30 percent. This benchmark represents the return of a portfolio with a mix of 65 percent equity and 35 percent fixed income.

Municipal Finance – The Comptroller’s Bureau of Public Finance works with the Mayor’s Office of Management and Budget to issue bonds to finance the City’s extensive capital program and to refund outstanding bonds for savings.

• The municipal market during Fiscal Year 2022 can be characterized as a tale of two halves. The first half of the year was marked by a stable, low-rate environment. Beginning in January 2022, fixed income and equity markets began to experience volatility as the Federal Reserve signaled that they would begin to tighten monetary policy to alleviate inflationary pressure.
• Fiscal Year 2022 began with tax-exempt rates near their historical lows with 5-year Municipal Market Data (MMD) at 0.50 percent, 10-year MMD at 0.98 percent and the 30-year MMD at 1.49 percent on July 1, 2021. On June 30, 2022, 5-Year MMD was 2.22 percent, 10-year MMD was 2.72 percent and 30-year MMD was 3.18 percent representing an increase of approximately 170 basis points throughout the curve from where rates were six months prior.
• In Fiscal Year 2022, the City (through its General Obligation, or GO) and the New York City Transitional Finance Authority (TFA) issued five new money transaction to raise proceeds for the City’s capital needs. The rise in interest rates, compared to FY 2021, resulted in total debt service increasing an estimated $525 million over the life of the bonds (averaging 18 to 20 years).

• During Fiscal Year 2022, the City and the Transitional Finance Authority issued three refunding transactions that generated more than $530 million of debt service savings over the life of the bonds. The rise in interest rates resulted in an estimated reduction of debt service savings of $140 million over the life of the bonds (averaging 6 to 11 years).

Local Economic Conditions in Fiscal Year 2022 

• By the end of FY 2022, NYC’s job market recovered 762,00 of the 957,100 jobs lost between February and April 2020. Jobs in Information, and Education and Health Services had surpassed pre-pandemic levels, while the largest gaps remained in Leisure and Hospitality and Trade, Transportation, and Utilities, and Construction.
• The unemployment rate reached 6.2 percent in June 2022 down from 10.5 percent in June 2021 and far from the peak of 21.0 percent in May 2020. The unemployment rate remains highest among Black New Yorkers, at 10.3 percent as of June 2022.
• The pace of NYC’s economic rebound is visible in the growth in taxable sales in NYC, which grew 26 percent in Fiscal Year 2022 after dropping for two consecutive years due to the COVID-19 pandemic.
• The housing market rebounded, ending FY 2022 with a new peak in asking rent at $3,500, 20.7 percent above the pre-pandemic peak, with record low inventory. The Manhattan office market, which was hit hard by pandemic closures and is still grappling with the increase in hybrid and remote work, has seen a durable shift that will likely last beyond the pandemic. The vacancy rate reached 21.5 percent and asking rents rose but remained below pre-pandemic levels.
• The Consumer Price Index in the New York metropolitan area grew by 5.0 percent in FY 2022.

The full report is available here.