Comptroller Lander’s Statement on the NYC Charter Revision Commission’s Preliminary Staff Report

 

In response to the 2024 New York City Charter Revision Commission releasing its preliminary staff report today, Comptroller Brad Lander issued the following statement:  

“The Mayor’s hastily appointed Charter Revision Commission swung and missed today,” Comptroller Brad Lander said. “Earlier this month, my office outlined five common-sense proposals to improve our city’s financial management practices. No ‘further research’ is needed to adopt a solid plan for the City’s Rainy Day Fund, or to start paying our vendors on time — proposals long-studied and supported by many good-government groups. I’m glad that the Commission will at least consider our proposal to modernize capital planning — but that must go along with action to ensure the affordability of the City’s debt, with long-term savings and efficiencies, and with procurement reform. Otherwise, it’s just for show.” 

The Comptroller’s office outlined proposed enhancements to New York City’s fiscal framework in its report, A Stronger Fiscal Framework for New York City. Comptroller Lander delivered testimony on his proposals before the Commission on June 13. 

The proposals include: 

1. Adopt a policy to govern the target size, deposits, and withdrawals from the City’s rainy-day fund.  
2. Mandate regular efficiency reviews and long-term savings targets, including making agencies accountable for judgments and claims against the City which are their responsibility.   
3. Require that debt service does not exceed 15 percent of City tax revenues and that the Capital Stabilization Reserve be used to ensure this target is maintained.   
4. Modernize the City’s approach to infrastructure assessment, capital planning and budgeting to comply with Government Finance Officers Association (GFOA) and Municipal Finance Officers’ Association (MFOA) best practices.  
5. Mandate timeframes for each stage of the contracting process.    

Governor Hochul Announces More Than $956 Million in Financing to Fund Upgrades at School Districts Statewid

Tax-exempt Bonds Issued by the Dormitory Authority of the State of New York Will Support 69 Public School Districts – See Full List of Projects Here

Governor Kathy Hochul announced that approximately $956.8 million in low-cost, tax-exempt bonds were issued in June through the Dormitory Authority of the State of New York on behalf of 69 school districts across New York State. Projects supported by these bonds include classroom additions and renovations, athletic field improvements, energy efficiency upgrades, safety enhancements, and technology updates to promote innovation and collaboration.

“Helping our students thrive means giving them the tools, the facilities, and the infrastructure they need to succeed in the classroom,” Governor Hochul said. “With this financing, my administration is funding critical capital projects that will give our young people a learning environment that inspires, challenges, and motivates them, while making it more affordable for taxpayers in these districts all across New York State.”

Since the inception of this program in 2002, DASNY has issued 114 separate series of bonds on behalf of over 350 school districts totaling more than $8.8 billion. The low-cost, tax-exempt bonds provide permanent, long-term, fixed-rate financing for the districts to refinance short-term debt which was already approved by the voters in each school district and used to fund capital projects.

The full list of bond issuances is available here. A regional breakdown is as follows:

• Capital Region: $102,955,000                                                                           
• Central New York: $128,655,000
• Finger Lakes Region: $112,630,000
• Long Island: $71,105,000
• Mid Hudson: $126,135,000
• Mohawk Valley: $61,265,000
• North Country: $78,780,000
• Southern Tier: $171,325,000
• Western New York: $103,970,000

The 69 public school districts that participated in DASNY’s June financing are located throughout the State. Barclay Damon, LLP and BurgherGray,LLP were Co-Bond Counsel to DASNY. The bonds were sold using a syndicate of managers, with Raymond James as the Lead Manager and Roosevelt & Cross Incorporated and RBC Capital Markets as Co-Lead Managers. Yields on the bonds ranged from 2.99 percent to 4.29 percent, with an overall average True Interest Cost of 3.58 percent.

State Labor Department Releases Preliminary May 2024 Area Unemployment Rates

The New York State Department of Labor today released preliminary local area unemployment rates for May 2024. Rates are calculated using methods prescribed by the U.S. Bureau of Labor Statistics. The State’s area unemployment rates rely in part on the results of the Current Population Survey, which contacts approximately 3,100 households in New York State each month. To recap last week’s statewide press release, New York State’s seasonally adjusted unemployment rate held steady at 4.2% in May 2024.

Local Area Unemployment Rates* (%)
May 2023 and May 2024
(Not seasonally adjusted)

The data in the preceding table are not seasonally adjusted, which means they reflect seasonal influences (e.g., holiday and summer hires). Therefore, the most valid comparisons with this type of data are year-to-year comparisons of the same month, for example, May 2023 versus May 2024. Labor force data for the current month are preliminary and subject to revision as more information becomes available the following month. Revised estimates for prior months are available at: https://dol.ny.gov/local-area-unemployment-statistics Labor force statistics, including the unemployment rate, for New York and every other state are based on statistical regression models specified by the U.S. Bureau of Labor Statistics. These are the most up-to-date estimates of persons employed and unemployed by place of residence. Estimates are available for New York State, labor market regions, metropolitan areas, counties and municipalities with population of at least 25,000. Unemployment Rates By County, New York State, May 2024 Jobs and Unemployment Fact Sheet This fact sheet conveys important technical information that will contribute to a better understanding of labor force data (“household survey”), including resident employment/unemployment rates, and jobs by industry data (“business survey”), which are presented in the New York State Department of Labor’s monthly press release. State Unemployment Rates Based on Regression Model Beginning with data for January 1996, unemployment rates for New York State and all other states (as well as New York City and the City of Los Angeles) have been estimated using time-series regression statistical models developed by the U.S. Bureau of Labor Statistics (BLS). Advantage of Regression Model Use of a time-series regression model reduces the month-to-month variation in unemployment rates and resident employment by reducing variation caused by sampling errors and other components of statistical noise (irregularities). Benchmarking of Estimates Once each year, labor force estimates, such as civilian labor force and the unemployment rate, are revised to reflect updated input data including new Census Bureau populations controls, newly revised establishment jobs data and new state-level annual average data from the Current Population Survey (CPS). As part of this procedure, all state figures are reviewed, revised as necessary and then re-estimated. This process is commonly referred to as “benchmarking.” Changes in Methodology Labor force estimates are now produced with an improved time-series regression model, which utilizes “real-time” benchmarking. “Real-time” benchmarking reduces end-of-year revisions, which also means that major economic events will be reflected in a more timely manner in state labor force estimates. In addition, the new methodology includes an updated way of estimating for sub-state areas (e.g. counties, metro areas) the number of unemployed who are new entrants or re-entrants into the labor force. This change in methodology will result in lower unemployment rates in some areas and increased rates in others. Unemployed and UI Beneficiaries The estimate of the number of unemployed includes all persons who had no employment during the reference week (the week including the 12th of the month), were available for work, except for temporary illness, and had made specific efforts to find employment sometime during the 4-week period ending with the reference week. Unemployment insurance (UI) beneficiaries include those who apply for and qualify for UI benefits. Consequently, the estimate of the number of unemployed and the number of UI beneficiaries do not necessarily move in tandem. Jobs Data Jobs data are obtained from a separate joint federal-state survey of business establishments. The survey, called the Current Employment Statistics of Establishments, samples establishments in New York State. It excludes self-employed workers, agricultural workers, unpaid family workers and domestic workers employed by private households. This data represents a count of jobs by place of work. Data for each month is revised the following month as more complete information becomes available. The New York State Department of Labor is an Equal Opportunity Employer/Program.

Bronx Borough President Vanessa L. Gibson - Community Resources & Updates

Dear Neighbor,

 

Thank you for joining us for another week in review.

 

As temperatures continue increasing, we urge residents to prioritize their safety and the safety of their loved ones. Remember to stay hydrated throughout the day, avoid going outdoors during peak hours (11:00 AM to 4:00 PM), check in on older adults and others prone to heat-related illnesses, and wear lightweight, light-colored clothing. Call 311 or click HERE for a list of cooling centers near you. Together, we can ensure we stay safe this summer.

 

Today is also Primary Day in New York City, an opportunity to have your voice heard! Polls close tonight at 9 PM. You can click HERE for more information

 

Lastly, we are excited to announce the return of our Fireworks Show Extravaganza at Orchard Beach! This annual event brings our community together as we celebrate the beginning of the summer season. We hope to see you at Orchard Beach (Section 5) on Thursday at 6 PM! 

 

If you have any questions or concerns, please do not hesitate to contact our office at 718-590-3500 or email us at webmail@bronxbp.nyc.gov.

In partnership,

Bronx Borough President Vanessa L. Gibson

IN THE COMMUNITY

As the greenest borough in the city, we are excited about the addition of Davidson Park to our West Bronx community!

With accessible ramps, spray showers, swings, benches, and other play equipment, there is something for everyone to enjoy.

This was a project we advocated for as part of our Jerome Neighborhood Plan while in the City Council and I want to thank NYC Parks, the NYC Mayor's Office, Community Board 5, Parks advocates, and everyone else who played a vital role in helping to bring this project to fruition.

Over the weekend, we relaunched the Bronx Pride March in Partnership with the Bronx LGBTQIA+ Taskforce. The march showcased the Bronx as a borough of inclusivity, honoring love, acceptance, and the vibrant spirit of our community!

We are happy to announce the formation of our Bronx Muslim Leadership Roundtable.

We are bringing together Muslim leaders from across the borough with the purpose of addressing the issues affecting our Bronx Muslim residents through community advocacy and engagement and public policy recommendations.

Thank you to everyone who joined us! We look forward to our work together empowering and uplifting our Bronx Muslim community.

We were proud to launch our Bronx Summer Cleanup Series at Crotona Park in partnership with the Sanitation Foundation and the New York Yankees.

As the temperatures increase and more people congregate outside, it is imperative that we keep our streets clean.

Thank you to all the volunteers who came out to support the event!

UPCOMING EVENTS

Governor Hochul Announces $20 Million Awarded to Help Refugees Find and Maintain Employment

Funding To Assist Recently Resettled Refugees Transition to Life in New York State

Nearly 4,200 Refugees Resettled in New York State Last Year

Governor Kathy Hochul today announced that $20 million has been awarded to 17 community-based organizations that help refugees become employed while adjusting to their new homes in New York. The Refugee Support Services Program, which is funded by the federal Office of Refugee Resettlement, continues to be a fundamental part of the state’s successful efforts to resettle refugees in communities across New York.

“New York State has a proud history of welcoming those displaced by violence or fleeing persecution with open arms,” Governor Hochul said. “These investments will lift up refugee communities, and represent our unwavering commitment to the possibility and promise they bring to our state.”

The Refugee Support Services Program provides services including addressing barriers to employment, such as social and cultural adjustment, job search skills, work experience, and English proficiency. Transitional services are also provided to ensure continued employment and to enhance opportunities for advancement.

The Office of Temporary and Disability Assistance’s Refugee Services bureau is responsible for the implementation of programs and services to assist refugees in New York State. Federal resources are directed to local entities that help refugees and their families, as well as others in a similar immigration status, to achieve economic and social self-sufficiency.

17 not-for-profit refugee services providers across the state were awarded funding to provide employment and transitional support services to help recently resettled refugees and their families adapt to life in the U.S. Recipients include:

New York City

Catholic Charities Community Services, Archdiocese of New York – NYC, $802,400

Shorefront YM-YWHA of Brighton-Manhattan Beach Inc., $1,469,300

CAMBA Inc., $400,000

Center for Family Life in Sunset Park Inc., $548,679

El Barrio’s Operation Fight Back Inc., $410,000

Long Island

Catholic Charities of Long Island, $288,500

Mid-Hudson

Catholic Charities Community Services, Archdiocese of New York – Metro, $333,500

Capital Region

U.S. Committee for Refugees and Immigrants Inc., $1,784,700

Albany County Opportunity Inc., $342,566

Southern Tier

American Civic Association Inc., $148,742

Western New York

Journey’s End Refugee Services Inc., $2,559,604

Jewish Family Services of Western NY – Buffalo, $2,724,000

Jewish Family Services of Western NY – Niagara, $148,741

Finger Lakes

Catholic Charities Family and Community Services, $1,423,427

Rochester City School District, $1,000,000

Mohawk Valley

The Center, $1,560,000

Central New York

Catholic Charities of Onondaga County, $4,055,841

New York State welcomed nearly 4,200 refugees or individuals on Special Immigrant Visas between October 2022 through September 2023, with most of these individuals resettling in communities upstate. These refugees included 991 from Afghanistan, 912 from the Democratic Republic of Congo, 717 from Syria, 541 from Burma, and 122 from Colombia.

Refugees are the most scrutinized and vetted individuals to travel to the United States. Prior to resettling, they undergo numerous security checks by intelligence agencies, including bio-metric tests, medical screenings, and in-person interviews with U.S. Department of Homeland Security officials.

Refugees living in New York make significant contributions to the state’s economy as earners, taxpayers, and consumers, according to a study by the New American Economy. Refugee households earned an estimated $6.2 billion annually and contribute roughly $2 billion in federal, state and local taxes.

NYS Office of the Comptroller DiNapoli: No Good Options for MTA to Manage Hole in Capital Funding

 

Calls for Transparency as MTA Reprioritizes Work

As the Metropolitan Transportation Authority (MTA) adjusts to the loss of $15 billion in congestion pricing revenue and decides which capital projects to cancel or delay, it must prioritize keeping the system in a state of good repair and it must be transparent about how the choices it makes will impact riders, according to a report released today by State Comptroller Thomas P. DiNapoli.

“The MTA’s decisions in the coming weeks and months will affect riders for years to come,” DiNapoli said. “The MTA will be forced to put off badly needed investment in expansion and improvements to the system. Those choices will directly affect riders. The situation compels the MTA to provide an honest and transparent accounting of what it can afford and which capital projects it will prioritize and why. The MTA’s decisions should ensure the basic maintenance of the system — safety, reliability and frequency — until it identifies realistic and sustainable replacement revenue.”

As the MTA reconsiders which capital projects to fund and which to put off, DiNapoli’s report estimates there are over $21 billion in projects that potentially relied on congestion pricing revenue and are under review. The work to be reprioritized can be divided by their purpose:

• State of Good Repair: Line Structures, Depots and Yards. $1.78 billion.
• Normal Replacement: Railcars and Buses, $2.75 billion.
• System Improvements: Accessibility and Signal Modernization, $5.65 billion.
• Network Expansion: Second Avenue Subway (SAS), $5.23 billion.
• Administrative and Various: Communication, Power, Signal Modernization, $5.67 billion.

The report also estimates $17 billion in funding will have to be removed from the current $55.4 billion capital plan to meet the loss of congestion pricing revenue, inclusive of $2 billion in federal matching funds for SAS Phase 2. The MTA must work with its federal partners to move funding to those projects that will remain in its capital plan and update its agreements on SAS to retain matching funds with a future revenue source.

The MTA has fortunately suggested it will take a prudent and challenging step by not using bonds funded by existing revenue to cover its $15 billion hole. Increased borrowing of this kind could burden its operating budget, significantly increase debt service costs which currently take 15 cents of every dollar the MTA collects, and damage its bond rating by breaching its 20% debt service threshold.  

The loss of congestion pricing revenue means the MTA’s current capital plan is likely to be smaller than its predecessor, adjusted for inflation and excluding the self-funding Bridges and Tunnels division. As a result, the plan represents a decline in investment in the metropolitan region’s vital transportation system.

Report

Investment and Funding Choices Facing the MTA