The intended purpose of this report is to provide a thorough and independent third party review of the economic actuarial assumptions and actuarial methods used in the NYCRS, which reflects economic forecasts and capital market assumptions through December 31, 2022.
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.
In this report, tax receipts, with the exception of personal income tax, are gross of refunds. Real property tax and personal income tax are gross of debt service funding.
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.
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.
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.
FY22 began with $8.469 billion in cash-on-hand, compared to $6.627 billion in the beginning of FY21. However, the gap between current cash balances and prior year cash balances quickly disappeared, and FY22 cash balances have been running close to year-ago levels ever since.
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.