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.
For years the city's real property transfer tax and mortgage recording tax, often referred to collectively as the transfer taxes, were a predictable source of city revenue.
This report looks at how the resources, broadly defined, of New York's households and businesses were taxed by state and local governments, and at how those revenues
were distributed, both geographically and among major government functions.
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.
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.
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.