The City of New York is at a pivotal fiscal moment. Tax revenues for the current fiscal year are coming in far above projections, yielding a substantial surplus; however, neither the Mayor’s Office nor the Comptroller’s Office expect this trend to continue.
As of May 31, 2022, the cash balance stands at $7.632 billion, compared to $9.996 billion at the same time last year. This difference in balances is primarily due to the timing of Federal aid receipts, as described further below.
The City of New York began the third quarter of FY22 (hereafter 3Q22) with $6.513 billion in cash. By the end of the quarter the City had $8.961 billion, $3.111 billion lower than during the same time last year.
On December 1, 2021, New York City’s unrestricted cash balance reached a seasonal low of $1.338 billion, compared to $2.143 billion in FY21 and $1.769 billion in FY20.
The Preliminary Budget closes the $2.88 billion budget gap projected in November, on the strength of an expected $2.77 billion surplus in FY 2022, derived primarily from $1.60 billion in additional tax revenues and savings of $866 million from the Program to Eliminate the Gap (PEG).
At the end of 2Q22, the City recorded an unrestricted cash balance of $6.513 billion. Typically, the lowest daily cash balance of a fiscal year occurs during the second quarter.
The City began 1Q22 with $8.469 billion in cash-on-hand, compared to $6.627 billion opening balance last year. Total receipts in the quarter rose 9.3%, while expenditures increased 10.8%. Overall, cash receipts exceeded cash expenditures by $333 million in 1Q22.
The U.S. economy continued to rebound in the first three quarters of 2021 after the dramatic economic contraction and rebound of 2020, growing at a rate of 5.7 percent. Growth early in the year was boosted by the $1.9 trillion American Rescue Plan Act, passed into law in March.
The Audit Bureau is required by the City Charter to perform audits in accordance with Generally Accepted Government Auditing Standards (GAGAS). These standards are established by the Comptroller General of the United States in conjunction with the Government Accountability Office (GAO), and are foun
The ACFR contains information about the assets and liabilities of NYCERS' pension fund. Statistical tables show the composition of NYCERS' membership, which is used by the Actuary to determine the amount that employers must contribute to the Fund each year in order to pay statutory benefits.
The ACFR contains information about the assets and liabilities of NYCERS' pension fund. Statistical tables show the composition of NYCERS' membership, which is used by the Actuary to determine the amount that employers must contribute to the Fund each year in order to pay statutory benefits.
Overview of the New York City Police Pension Fund's combining financial activities for the year end. All changes affecting the assets and deferred outflow and liabilities inflow of the funds are reflected on an accrual basis when the activity occurred, regardless of the timing of the cash flows.