New York State Comptroller Thomas P. DiNapoli issued the following statement after giving remarks at New York City Financial Control Board’s annual meeting today:

“New York City’s 2024 budget increased spending to address growing demand for services using stronger than expected revenues and remaining federal pandemic aid.

“Significant risks are on the horizon, however. Unbudgeted costs for housing asylum seekers and other humanitarian efforts will quickly exceed the city’s resources. Federal aid and policy guidance are needed to assist the growing burden on the city.

“As budget gaps grow in the coming years, the city will need to continue to show fiscal discipline and improve transparency about the fiscal challenges it faces.”

Report
Review of the Financial Plan of the City of New York (August 2023)