The current year's budget shows that the City cannot rely on the materialization of unanticipated revenues to fill budgetary gaps. Recent economic gains have been erratic and there is a lack of economic stability, though the City is slowly showing signs of improvement.
In accordance with the requirements of the New York State Municipal Assistance Corporation Act and the New York State Financial Emergency Act, the City of New York is required to submit monthly financial reports.
From an audit conducted on the Department of Transportation (DOT), it was found that DOT officials adequately apply and follow all procedures and controls for an efficient performance. However, there are weaknesses in the calculation of test indicators and the check of those indicators. Recommendations have been made to try to solve these issues.
From a follow-up audit conducted on the New York City Transit (NYCT), it was found that the NYCT implemented all of the recommendations made to it in previous audits. The NYCT's weaknesses were strengthened and no further recommendations have been made.
This report lists the 2013 Departmental Estimates, containing the supporting schedules to the expense appropriations and revenue estimates reflected in the 2013 Preliminary Budget.