New York City Comptroller Stringer Releases Fiscal Year 2021 Popular Annual Financial Report

 

New York City Comptroller Scott M. Stringer released the Popular Annual Financial Report (PAFR) for Fiscal Year 2021, a complementary guide to the Annual Comprehensive Financial Report (Annual Report) released last month. The PAFR distills important information about local government and its finances for use by City residents from the Annual Report, using dozens of explanatory graphs, charts, and images to provide New Yorkers with an easy-to-understand 30-page roadmap to City government.

“This year’s PAFR is a transparent look into our City’s gradual but steady recovery from the pandemic,” said Comptroller Stringer. “New Yorkers are returning to the city they love, and employment and vaccination rates are on the rise—encouraging indicators of our progress. But the data show we have a long way to go to build back from the losses of COVID-19. The PAFR shows how taxpayer dollars are generated and spent to keep the City running and provide essential services during one of the most crucial chapters in our history.”

This is the seventh year the Comptroller’s office has released the PAFR report. This Fiscal Year 2021 report will be submitted for consideration for the Government Finance Officers Association’s Award for Outstanding Achievement in Popular Annual Financial Reporting, which recognizes conformance with the highest standards for preparation of state and local government popular reports. The City of New York has received this national award for the last six consecutive fiscal years.

New York City Economy Upended by COVID-19 Pandemic

• The New York City economy began the fiscal year still reeling from the dramatic recession brought about by the COVID-19 pandemic. Private employment stood at 3.36 million in July 2020, and the unemployment rate was 18.5 percent.
• As generally higher-paid office workers transitioned to remote work, unemployment was concentrated among lower-wage workers who had been providing in-person goods and services prior to the pandemic.
• The economy gradually reopened through the summer and fall with employment rising and the unemployment rate declining. The jobs recovery paused through the winter months, as a winter COVID surge brought indoor dining to a temporary halt and more New Yorkers stayed home. Recovery resumed in the spring and into the summer of 2021, as vaccinations helped bring the pandemic under control.
• The fiscal year ended with seasonally adjusted private employment at 3.59 million (an increase of 309,100 from June 2020) and the unemployment rate at 10.6 percent.
• Despite these improvements, private employment remained well below the pre-pandemic February 2020 peak of 4.1 million, and the unemployment rate remains well above the pre-pandemic rate of 3.7 percent – as well as above the 5.9 percent national rate in June 2020.
• New York City office vacancy rose from 102 million square feet at the start of the fiscal year to 128 million square feet at the end. Rising vacancies drove average asking rents down from $66.99 per square foot at the start of the fiscal year, to $65.36 per square foot at the end.

COVID-19 Response and Recovery Expenditures

• With the rollout of COVID-19 vaccines towards the end of 2020 and the subsequent drop in infection rate, along with Federal stimulus to provide fiscal relief to local governments, the City’s response to the pandemic in the second half of the fiscal year included vaccination efforts, restorations of previous budget cuts, and initiatives to aid small businesses and boost the local economy.
• In total, the City spent about $6.2 billion on these efforts in Fiscal Year 2021.

City Expenses

• Fiscal Year 2021 expenses were approximately $94.9 billion, a decrease of close to $5.1 billion from Fiscal Year 2020.

City Revenue

• In Fiscal Year 2021, tax revenues were approximately $69.7 billion, an increase of over $6 billion from Fiscal Year 2020.
• Real estate taxes had the most revenues, totaling over $31.4 billion, followed by personal income taxes at $15.8 billion.
• Personal income taxes increased due to an increase in non-wage income, resulting in particular from a very strong year in the equity markets.
• Other income taxes increased due to an increase in general corporation, financial corporation, and unincorporated business income taxes. The increase in general corporation taxes was due to record high profits in the financial industry. There was a substantial increase in financial corporation taxes due to a significant increase in audits.

Roadmap to the City Budget

• The PAFR includes an explanation of the City budget process as well as an explanation of the difference between the City’s “General Fund” – the main operating fund of the City – and other types of financial resources such as Capital and Debt.
• The PAFR also includes information on “Component units” such as the Health and Hospitals Corporation (H+H), Water and Sewer Authority, and the NYC Housing Authority (NYCHA) – legally separate organizations for which the City is financially accountable. This information is presented separately from the financial data of the City’s “primary government.”

City Capital Project Commitments

• New York City funds its capital projects using the Capital Budget, which is separate from the General Fund. The Capital Budget is exclusively used to fund capital projects and includes spending on City construction, purchases of land, buildings, and equipment. It is generally financed by the sale of government bonds.
• Capital Authorized Expenditures were sufficient to address the capital needs of The City for both current and future projects.

Peer-City Comparisons

• In 2020, New York City had 22.3 million tourists, outpacing Chicago, which had 16.3 million. Philadelphia welcomed 30 million tourists.
• Each City provides different types and levels of service for its residents. In FY 2020, New York City spent over $12,966 per resident, while Chicago spent $3,226 and Philadelphia spent about $4,848.
• This year, New York City received an Aa2 bond rating by Moody’s. New York City also has an AA rating from Standard & Poor’s and an AA- rating from Fitch.

To read the full Popular Annual Financial Report for 2021, click here.

NYC KICKS OFF ANNUAL ‘16 DAYS OF ACTIVISM AGAINST GENDER-BASED VIOLENCE’ CAMPAIGN

 

New Yorkers Encouraged to Spread GBV Awareness

New York City Trains New Yorkers to Help Reduce Street Harassment with Partners Hollaback! and L’Oréal Paris

 The Mayor’s Office to End Domestic and Gender-Based Violence (ENDGBV) and Commission on Gender Equity (CGE) begin New York City’s “16 Days of Activism Against Gender-Based Violence” campaign today to raise awareness about the far reaching consequences of gender-based violence (GBV) and to urge government, community, corporate, and philanthropic sectors to develop strategies that eliminate GBV. Since 2014, New York City has brought this crucial international campaign, which runs from November 25, International Day to End Violence against Women, to December 10, International Human Rights Day, to the local level as part of its efforts to address GBV and to ensure access to inclusive services for all survivors of GBV. GBV includes intimate partner violence, family violence, elder abuse, sexual violence (which can include sexual harassment), stalking, and human trafficking.

“Gender-based violence must no longer be hidden in plain sight,” said Mayor Bill de Blasio. “Over the past eight years, the City has made significant investments in domestic and gender-based violence resources and supports for survivors. This campaign unites New Yorkers in an impactful way and builds upon the City’s commitment to support survivors of gender-based violence with supports and services.”

“All New Yorkers, regardless of their gender-identity or expression, should enjoy the right to work and play, with security and dignity, in both public and private spaces,” said NYC First Lady Chirlane McCray. “Too many women, transgender, and gender non-binary New Yorkers continue to feel threatened and unsafe in our City, and that is not acceptable. I encourage all New Yorkers to join the “16 Days of Activism Campaign” against gender-based violence. This battle ends when the violence ends.”

“16 Days” events are held around the city to raise awareness about GBV and to share critical information about resources for survivors. New Yorkers are encouraged to help spread awareness about GBV by wearing the campaign color orange on November 30 and posting on social media using the hashtags #NYCAgainstGBV #OrangeTheWorld. Buildings and landmarks around the city including City Hall, the World Trade Center, the Bank of America Tower, 4 Times Square, Gracie Mansion, the David Dinkins Municipal Building, Queens Borough Hall, Brooklyn Borough Hall, Staten Island Borough Hall and more will also light up in orange in support.

For the second year in a row New York City will partner with Hollaback! and L’Oréal Paris during “16 Days” to present “Stand Up Against Street Harassment” training sessions. Signing up for a bystander intervention training session or hosting a training gives participants tools to intervene safely when witnessing street harassment. ENDGBV will host the December 8^th event, “Gender-Based Violence (GBV) in the Community: What Is It and What Can We Do?” to help increase familiarity with various forms of GBV and other intersecting interpersonal violence issues, the impact that interpersonal violence has on individuals and the community, and to hear about best practices that can be implemented in daily life to respond to survivors.

Leading up to the “16 Days” campaign, the City strengthened its commitment to employees experiencing GBV through Executive Order 85, creating a NYC Domestic and Gender-Based Violence Workplace Policy for City employees. The Workplace Policy standardizes survivor-centered and trauma-informed responses for employees experiencing domestic and gender-based violence in the workplace or in their personal lives by providing a point of contact at every agency who can provide confidential support and direct connection to ENDGBV and the City’s resources for survivors.

“Awareness is the greatest tool we have in stopping gender-based violence,” said Cecile Noel, Commissioner, NYC Mayor’s Office to End Domestic and Gender-Based Violence. “New Yorkers can take a stand for survivors by joining ‘16 Days.’ The powerful energy of working together breaks the silence which surrounds gender-based violence and supports survivors in accessing critical help and resources. We hope New Yorkers will answer the call to action by wearing orange on Tuesday and by helping make sure survivors know help is available for them and their families.”

“COVID-19 exacerbated conditions for many New Yorkers resulting in increased incidences of girls, women, transgender and gender non-binary New Yorkers feeling unsafe,” said Jacqueline Ebanks, Executive Director of the Commission on Gender Equity. “16 Days Activism Against Gender Based Violence provides all of us an opportunity to learn how to show up against gender-based violence in our homes, schools, workplaces, and streets.  Together, we can make New York City safe and free from all forms of gender- and race-based violence.”

 

About the Mayor’s Office to End Domestic and Gender-Based Violence

The Mayor's Office to End Domestic and Gender-Based Violence (ENDGBV) develops policies and programs, provides training and prevention education, conducts research and evaluations, performs community outreach, and operates the New York City Family Justice Centers. We collaborate with City agencies and community stakeholders to ensure access to inclusive services for survivors of domestic and gender-based violence (GBV). GBV includes intimate partner violence, family violence, elder abuse, sexual violence (which can include sexual harassment), stalking, and human trafficking. Read more about the term.

 

The NYC Family Justice Centers are co‐located multidisciplinary service centers providing vital social services, civil legal, and criminal justice assistance for survivors of domestic and gender-based violence and their children—all under one roof. For more information, visit nyc.gov/ENDGBV or visit us on visit us on Facebook, Instagram or Twitter.

 

About the Commission on Gender Equity

Founded in 2015, the Mayor’s Commission on Gender Equity (CGE) works to create a deep and lasting institutional commitment to tearing down equity barriers across New York City. CGE addresses issues of inequity and discrimination facing girls, women, and transgender and gender non-binary persons regardless of ability, age, ethnicity/race, faith, gender expression, immigrant status, sexual orientation, and socioeconomic status. Focusing across the areas of economic mobility and opportunity, health and reproductive justice, and safety CGE ensures that the City leads in the development and implementation of best practices in gender equitable policies and programs for its workforce and its residents. For more information, visit nyc.gov/GenderEquity or visit us on Facebook, Instagram, or Twitter.

 

38 Days and Counting

 

This is when we were the safest big city, but with all the gun violence, rise in crime, and criminals let out of jail by the people you voted for, it is tough for me to say we are now the safest big city. However just like the past mayor's have done, we can make the numbers say whatever we want them to say. The reason for the large drop in crime under the two Republican mayors was that car theft went down at such a large rate due to anti-theft devices on new cars.

Happy Thanksgiving and we will fix the numbers Monday so we are the Safest Big City again. 

Governor Hochul Updates New Yorkers on State's Progress Combating COVID-19 - NOVEMBER 24, 2021

 

120,611 Vaccine Doses Administered Over Last 24 Hours  

31 COVID-19 Deaths Statewide Yesterday

 Governor Kathy Hochul today updated New Yorkers on the state's progress combating COVID-19.  

"The holiday season is a special time of year when we gather with our families and loved ones, but we're also headed into a vulnerable time when more people are traveling, gathering indoors, and the chance of spreading COVID-19 is higher," Governor Hochul said. "We know how to prevent the spread of this deadly virus -get vaccinated. If you're vaccinated, then get the booster, and if you've done both then encourage your friends and loved ones to get vaccinated. Now is the time to do it. Let's get through the holiday season without any spikes." 

Today's data is summarized briefly below:

• Test Results Reported - 178,092
• Total Positive - 7,166 
• Percent Positive - 4.02%
• 7-Day Average Percent Positive - 3.84% 
• Patient Hospitalization - 2,580 (+65)
• Patients Newly Admitted - 404 
• Patients in ICU - 498 (+24) 
• Patients in ICU with Intubation - 242 (+7) 
• Total Discharges - 213,885 (+302) 
• New deaths reported by healthcare facilities through HERDS - 31 
• Total deaths reported by healthcare facilities through HERDS - 46,314

The Health Electronic Response Data System is a NYS DOH data source that collects confirmed daily death data as reported by hospitals, nursing homes and adult care facilities only. 

• Total deaths reported to and compiled by the CDC - 59,041 

This daily COVID-19 provisional death certificate data reported by NYS DOH and NYC to the CDC includes those who died in any location, including hospitals, nursing homes, adult care facilities, at home, in hospice and other settings.

• Total vaccine doses administered - 29,347,035 
• Total vaccine doses administered over past 24 hours - 120,611 
• Total vaccine doses administered over past 7 days - 719,434 
• Percent of New Yorkers ages 18 and older with at least one vaccine dose - 85.5% 
• Percent of New Yorkers ages 18 and older with completed vaccine series - 78.1% 
• Percent of New Yorkers ages 18 and older with at least one vaccine dose (CDC) - 90.2% 
• Percent of New Yorkers ages 18 and older with completed vaccine series (CDC) - 80.4% 
• Percent of all New Yorkers with at least one vaccine dose - 73.7% 
• Percent of all New Yorkers with completed vaccine series - 66.2% 
• Percent of all New Yorkers with at least one vaccine dose (CDC) - 77.3% 
• Percent of all New Yorkers with completed vaccine series (CDC) - 68.1%

Bronx Borough President Elect Gibson amd Councilwoman Elect Stevens help give back to the New Settlement Community

 

 This afternoon outside the New Settlement Community Center located at 1501 Jerome Avenue, Bronx Borough President Elect Vanessa Gibson, and Councilwoman Elect Althea Stevens joined with staff of the New Settlement Community Center to give out turkeys, chickens, and boxes of assorted food to the community around the new Settlement Community Center. 

Members of the community were happy to see their outgoing Councilwoman, who will become the new Bronx Borough President, and their new Councilwoman. The line for free food here went around the corner, and even with a line so long the food giveaway was over in less than one hour. 

The line turned around the corner and went halfway down that block. 

Bronx BP Elect Gibson and Councilwoman Elect Stevens catch up on a few thing as they wait to hand out the free food.

We have had dozens of photos of current Bronx BP Ruben Diaz Jr. doing this, and BP Elect Gibson seems to be doing it as good as if not better than Diaz Jr.

BP Elect Gibson moves this box into place with some leg power. 

The turkeys went first, leaving some chickens and boxes of food to be given out.

THE NEW BXCC - Bronx Business News You Can Use

 

Legislative Updates, New Grants, Events and Much More Please click View/Allow Images so you don't miss a thing!

This week's Friday Extra comes from our fearless leader Lisa Sorin. Topics are: 1. Bronx Chamber Annual Holiday Party: bronxchamber.org/events 2. MWBE Certification 3. Neighborhood Business Grant Info Session on Monday, November 22nd 4. Small Business Resource Network Open and Online website program

Upcoming Events

Bronx Chamber Annual Holiday Party & Toy Drive

The holiday season is finally here — which means it's time to deck the halls, bring out the holiday cookies and embrace all things merry and bright. Join the Bronx Chamber for our annual Holiday Party at Villa Barone Manor on Thursday, December 9th. Wear your best ugly sweater for our #uglysweatercontest and bring a toy for our #TOYDRIVE. This years Toy Drive recipient is New Settlement. The New Settlement Community Center serves students from three schools, their families and members of the surrounding community with a range of programs in health and nutrition, education, youth development and the arts. Purchase your tickets HERE.

What You Should Know

UBS Grant Program

Project Entrepreneur, a program by UBS, aims to level the playing field for female founders of color by providing these founders with the resources and support they need to build and scale their companies. The Democratizing the Friends & Family Round program, in partnership with Hello Alice, will award $25,000 grants as well as access to virtual coaching and skill-building opportunities to 30 female founders of color who are leading high-growth companies. Click here to learn more.

The Small Business Growth Fund

Hello Alice is awarding 50 small business owners with $5,000 grants to help them make their next big move in 2022. To be eligible, a business must have less than $1M in annual revenue, a commitment to diversity and community, and a clear plan to use the grant funds. Applications for Round 1 are open now through December 10, 2021 at 6PM ET. For a full list of eligibility criteria, please see the Terms and Conditions.

Get Your Business Online for the Holidays!

Sign up for a FREE website built by our experts or receive SEO consulting. More and more consumers are shopping online. It's crucial that your small business has a strong online presence.  What’s Included for Free: First full year of website hosting on the Squarespace.com or BentoBox platform.   Registering a domain name for your new website, if you don't own one already.   If you’re a restaurant, websites come complete with commission-free online ordering.   In house SEO expert is available free of charge to help expand your website’s reach Sign- Up Here

Crain's Business Forum

With New York's legalization of adult-use marijuana expected to be up and running by late 2022, the industry is expected to generate north of $4 billion in overall sales. This translates to $350 million in tax revenue. How can state offices ensure communities that historically had been criminalized by marijuana laws have an opportunity to do business in the emerging industry? Join us on December 15th to learn more! Register Here

BXCC Citizens NYC Grant and Webinar

Join us to learn more about our Neighborhood Business Grant. You will learn how to get up to $10,000 for your community improvement projects, have your questions for the application answered, and connect with other entrepreneurs and community leaders. Register Now

NYC Department of Small Business Services Webinar

This webinar will provide guidance for businesses interested in applying for loans and grants. In addition to providing an overview of available financing options, we will share tips to consider before taking on debt, an overview of documents commonly required to apply for a loan, and a summary of other loans and grants that are currently available for NYC businesses.  To register, click here