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DiNapoli: NYC Tax Collections Exceed Expectations
New York City is projecting a surplus of $3.5 billion in fiscal year 2019, which it plans to use to help balance the $92.5-billion proposed 2020 budget, but tax collections continue to exceed expectations, said New York State Comptroller Thomas DiNapoli.
“New York City’s economy is strong and its finances face few immediate risks,” DiNapoli said. “Although trade tensions or some unforeseen development could trigger an economic setback, Mayor de Blasio and the City Council have increased the city’s reserves to a record $5.7-billion level. The likelihood of unanticipated tax collections in the current fiscal year could create an opportunity to further increase the size of the city’s reserves.”
The city currently projects budget gaps of $3.5 billion in FY 2021, $2.9 billion in FY 2022 and $3.2 billion in FY 2023. The budget assumes that while the city’s economy will slow during the financial plan period, growth remains strong.
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- ◦Economy
- ◦Financing
