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NY State Comptroller Warns on NYC Budget Revenues
Total revenue for New York City’s budget is expected to drop by 9.4% to $101.1 billion in fiscal 2023 amid lower tax revenue and declining federal aid. The city also faces near-term challenges from a possible recession, federal monetary policy and turmoil in the financial markets, State Comptroller Thomas P. DiNapoli reported.
“The city’s adopted budget reflects both extraordinary efforts by the federal government to boost the economy over the last two years and an economic slowdown due in part to unanticipated factors,” DiNapoli said. “Higher revenues in Fiscal Year 2022 allowed the city to build reserves and other budgetary cushions, but many of the questions plaguing the city’s economy remain out of its control.
“The magnitude of these risks means the city should continue to identify areas for savings, track how its services are delivered amid changing staffing levels and build reserves to guard against these pressures,” he continued.
- ◦Financing
- ◦Economy
