This Office of the Comptroller annual report focuses on Capital Debt and Obligations. New York City has a large and growing debt burden that is threatening to become unaffordable as the City's economy suffers the impacts of a severe global economic downturn. This report addresses New York City's debt position and efforts taken to sell its debt. Included are data and analyses of the City's debt and expenditures.
After examining the information during fiscal year 2008, IBO presents its economic outlook for the year 2009, claiming that there will be a decease in jobs and an increase in the budget gap.
From an audit conducted on P&O Ports North America, Inc. (P&O), it was found that P&O made improper calculations and underpaid its fees to the Economic Development Corporation (EDC) and the City. However, P&O complied with the other major requirements of its agreement with the EDC, such as properly charging EDC the repair and security-service expenses. Recommendations have been made to address the negative findings.
The Mayor submitted a modification to the Fiscal Year 2009 Budget and Four-Year Financial Plan, which laid out a plan for the compensation for the declining revenues in Fiscal Year 2009. This document contains many graphs and tables depicting the City's economy and the Financial Plan estimates.