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.
Challenges to a full economic recovery remain. New York City was hit earlier and harder by the pandemic and has experienced a disproportionate share of the impact.
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).
The Comptroller's Office is committed to maintaining a workplace that preserves fair employment practices and reflects the community in which we work and live.
The New York City Department of Education (DOE) is receiving $7 billion in total federal Covid recovery funding dedicated to K-12 education under the Coronavirus Response and Relief Supplemental Appropriations Act (CRRSAA) and the American Rescue Plan Act (ARPA)
“The Agency Watch List spotlights city agencies that raise the most budgetary concerns due to rapidly increased spending and meager measurable results. The following report reviews trends to evaluate the effectiveness of agency spending in achieving the Administration’s stated goals.”