New York City Economic and Fiscal Monitoring

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New York City Economic and Fiscal Monitoring

The Office of the State Deputy Comptroller for the City of New York monitors New York City's fiscal condition, assists the New York State Financial Control Board, and regularly reports on the City's financial plans, major budgetary and policy issues; economic and economic development trends, and budgetary and policy issues affecting public authorities in the region, including the Metropolitan Transportation Authority. For questions, contact us at [email protected].

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Featured Dashboards

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New York City Industry Sector Dashboards

Monthly updates track the City’s economic recovery

The COVID-19 pandemic hit New York City particularly hard, causing massive job losses at major employers such as restaurants, hotels and retail stores. These dashboards follow a series of reports released over the past two years tracking economic data and the effect of the pandemic on these critical sectors and will help identify areas of weakness as well as positive developments.

Arts, Entertainment and Recreation Sector

Construction Sector

Office Sector

Restaurant Sector

Retail Sector

Securities Sector

Tourism Sector

Girls waiting on a subway platform

Annual Update: Metropolitan Transportation Authority’s Debt Profile

Debt Adding to MTA's Financial Pressures With Riders and Fare Revenue Slow to Return

Despite unprecedented federal aid, the MTA is still faced with determining how it will close its budget gaps in the future. If riders do not return faster than the MTA projects, or if new sources of revenue are not found, rising debt payments could force the MTA to close future budget gaps through service cuts, greater than planned fare hikes, or delays to critical capital projects.

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Inflation in the New York City Metropolitan Area

ECONOMIC AND POLICY INSIGHTS

Accelerating consumer price increases beginning in the spring of 2021 have led to the highest inflation rate in 30 years in the New York City Metropolitan Area. Consumer spending habits have already shifted, and persistent inflation on essential household items, such as housing and food, will limit purchasing power and squeeze household budgets absent stronger wage growth.

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Review of New York City's Budget – March 2022

FEDERAL AID, INCREASING TAX REVENUES AND SAVINGS BOOST NEW YORK CITY'S SURPLUS

The February Plan benefits from New York City’s continued economic resilience in 2021 and includes more proactive planning to fund budget risks and generate savings. The City is expecting to generate a surplus of $3.7 billion in fiscal year 2022 due to federal aid, better-than-projected tax revenues, and planned savings. The surplus could reach at least $4.5 billion if revenue and spending remain on their current tracks.

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A municipal worker in a trucker holding a walkie-talkie.

Impact of the Pandemic on New York City’s Municipal Workforce

SERVICE DELIVERY CRITICAL TO ENSURE CITY’S CONTINUED RECOVERY

The City experienced significant growth in its full-time workforce in the years prior to the COVID-19 pandemic, much of which was driven by new or expanded services. The pandemic, and the City’s efforts to manage the budgetary implications of its impact, have led to a decline in staffing which has undone much of this growth.

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Charts showing the drop in funding for New York City's agencies

Identifying Fiscal Cliffs in New York City’s Financial Plan

DROP IN FUNDING COULD IMPACT SERVICES FOR RESIDENTS

New York City’s published financial plan includes funding for some recurring spending initiatives for only a limited period, creating additional risks to already identified budget gaps. The Office of the State Comptroller has created a tool to identify sources and uses of funds for City programs that are not fully funded during the remaining years of the City’s financial plan.

View Online Tool

Special Briefs

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Issues Facing New York City’s Agencies

A SERIES OF Briefs ON 14 OF THE CITY'S LARGEST AGENCIES

The Comptroller's Office examined the most significant impacts the pandemic had on agency programs and operations, and identified major issues facing the agencies. Budgetary issues include increased demand for services, decline in revenues and staffing strains. 

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New York City Department of Education

City University of New York

Department of Health and Mental Hygiene

New York City Health + Hospitals

Human Resources Administration

Department of Homeless Services

New York City Housing Authority

Administration for Children's Services

New York City Police Department

Fire Department of the City of New York

New York City Department of Correction

New York City Department of Sanitation

Department of Environmental Protection

Department of Transportation

Man in chef jacket standing in empty restaurant

New York City Restaurant, Retail and Recreation Sectors Still Face Uphill Recovery

Sectors Lag Behind the State's and the Nation's

When the COVID-19 pandemic began, many businesses in retail trade, restaurant, and arts, entertainment and recreation closed. This report examines the damage the pandemic has inflicted on those sectors, and considers the distribution of federal funds for businesses in the City, particularly for businesses in low- and moderate-income communities and in historically underutilized business zones.

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mta

Subway Ridership Dashboard

impact of the covid-19 pandemic on subway ridership

Comptroller DiNapoli has launched an interactive online tool of subway ridership that details where straphangers are, and are not, returning to the subway system, alongside neighborhood and local demographics, employment and income. While many New Yorkers and businesses turned to telecommuting to protect themselves from the virus, others have not had that luxury. As a result, ridership as a percentage of pre-COVID levels has remained much higher in lower-income neighborhoods than in wealthy ones.

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