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New York & Tri-State  + New York  + Finance  | 

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. 


Inside The Story

State Comptroller DiNapoli

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Economy