This audit determined whether DOF is properly calculating and applying J-51 tax exemption and tax abatement benefits. The scope of this audit covered tax
assesments for properties in the borough of Brooklyn for Fiscal Year 2010.
This report assesses the debt condition of the City of New York in accordance with Section 232 of the City Charter. The Charter requires the Comptroller to
report ont he amount of debt the City may responsibly incur for capital projects during the current fiscal year and each of the three succeeding fiscal years.
The 9/11 attacks created an economic burden on the city and changed the city's budgetary approach. These burdens include wealth loss, job loss, and an overall Gross City Product loss. The debt is also reported to raise due to the process of rebuilding.
A surge in fiscal year 2005 revenues is enabling the City to end the current fiscal year with a surplus of $3.3 billion. The fiscal budget for 2006 presented by the Mayor
would use the entire surplus to balance the FY 2006 budget.
The fiscal year 2006 preliminary budget appears to be on course toward balance assuming the risks it contains are expeditiously addressed. These risks total
$478 million after accounting for offsetting revenues. The single largest risk stems from budgetary relief the City assumes will be forthcoming from Federal and State actions.
A report on the state of the City's economy & finances for the year 2004. Included are detailed numbers and statistics pertaining to the City's finances and spending, as well as information regarding its economic growth and development. The report also includes year in review comments as well as projections and plans regarding the future state of the City's economy.
A report containing the comptroller's comments on the adopted budget for fiscal year 2005 and the financial plan for fiscal years 2005-2008. The budget for fiscal year 2005 aims to end the year in balance, and the financial plan for years 2005-2008 aims to minimize the City's deficits while generating more revenue. Included in the report are statistics and information pertinent to the financial planning for the years 2005-2008.
A report on the comptroller's comments on the fiscal year 2005 executive budget. The report addresses the successes of the budget as well as its shortcomings. Various recommendations are made regarding more prudent approaches to balancing the budget as well as preserving the need for ongoing investment in the City's infrastructure.
The Mayor's Executive Budget plan for the fiscal years of 2003 to 2006, analyzed by the Comptroller, has a structural imbalance. The City's revenue base is insufficient to support the proposed levels of spending, and the City faces budget gaps and large deficits.
Comments from the Comptroller on the mayor's budget for the Fiscal Year 2004, problems that may occur and are occurring in the City, and solutions on how to solve these problems.
This report comments on New York City's amended adopted budget for fiscal year 2011 and the financial plan for fiscal years 2011 - 2014. In short, the City's economy at the time was slowly climbing out of recession, yet the prospects for significant easing of its fiscal condition seemed distant. The Comptroller's Office review of the amended budget and financial plan found that significant risks remained.
This report includes specific details and analysis regarding the City's capital debt and obligations. It addresses the fact that New York City has a large amount of outstanding debt and great capital needs, but also comments on its overall strength in credit rating. Further included in this document are in depth analyses and data on the City's debt.
New York City is required to adopt a balanced budget at the beginning of each fiscal year. In addition, the City is required to present a financial plan for the subsequent
three fiscal years. It is commonplace for the outyears of the Financial Plan to be out of balance until such point at which the City Charter mandates that they be brought into
balance.
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.