Reports

See Audits to search for audits related to State agencies, NYC agencies, local governments, school districts and public authorities.

Economy

January 2022 —

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.

December 2021 —

A look back at some of the major accomplishments of the Office of the New York State Comptroller in 2021, including achieving a record 33.5% investment return for the State pension fund, protecting the pension fund by divesting from coal and oil sands companies while investing in sustainable and low-carbon opportunities, tracking employment and economic trends while closely monitoring pandemic relief programs, returning $348 million in lost money to rightful owners, and more. 

Budget & Finances

December 2021 —

New York City forecasts a surplus of $965 million in the fiscal year ending in June 2022, based largely on the receipt of $750 million in unrestricted federal aid, and projects outyear gaps to drop by nearly a third from earlier estimates. Despite the positive news, the Office of the State Comptroller has identified several risks that could pose challenges to the City’s budget in the future.

Economy, Neighborhood Profile

December 2021 —

Flushing, and the surrounding neighborhoods that make up the greater Flushing area, enjoyed outsized employment and business growth from 2000 until Queens became the epicenter of the COVID-19 pandemic. Local challenges that existed before the pandemic, such as affordable housing and broadband access, have made recovery more difficult, but key positive indicators such as job recovery are reasons for optimism.

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Budget & Finances, Transportation

December 2021 —

The Metropolitan Transportation Authority is facing significant long-term financial challenges, including risks to its capital plan and pressure from escalating debt, while the impacts of climate change demand a sharper focus on preparation for and response to extreme weather events. The passage of the Infrastructure Investment and Jobs Act offers a boost for the agency’s capital plan, but also heightens the need for appropriate prioritization of capital projects. This report uses the latest needs assessment to measure the progress in completing projects and making capital commitments, as of September 2021.

Budget & Finances

November 2021 —

In early 2021, New York City established a rainy-day fund, to better prepare for financial downturns. This report lays how the City can ensure resources are available when needed, by establishing a clear and written purpose for the funds, creating targets for how much should go into the fund each year and setting the conditions for withdrawals. The report also found the City’s reserve policies are not as robust as other large U.S. cities, and with recent changes in State and local law enabling the use of these funds, recommends the City define how these resources are accumulated and used.

Wall Street

October 2021 —

Wall Street’s run of prosperity extended into the first half of 2021 with $31 billion in pre-tax earnings, beating 2020’s outsized first half profits of $27.6 billion. Despite continued strong profitability, employment in the industry in New York City has sagged, even as it has ticked upward in the rest of the nation. Average salary, including bonuses, reached $438,000, the highest of any industry and nearly five times higher than the average in the rest of the private sector.

Economy, Infrastructure

October 2021 —

The COVID-19 pandemic wiped out years of growth in New York City’s office sector. Stay-at-home orders forced many office workers to shift to remote work, as businesses reliant on in-person interactions with customers were forced to reduce capacity or remain closed for extended periods. As a result, in City Fiscal Year 2022, the full market value of office buildings fell $28.6 billion, the first decline in more than 20 years, and property taxes declined more than $850 million. Timing its recovery is an open question, however, as employers continue to offer work-from-home options.

Budget & Finances, Transportation

September 2021 —

Since the start of the COVID-19 pandemic, the MTA has been in a state of existential crisis. The Comptroller’s annual report on the MTA’s finances details how the combination of higher spending, the winding down of federal aid, the risk of lower ridership levels, increased impact from extreme weather, potential service reductions and other factors put the MTA in danger starting in 2025.

Budget & Finances, Health & Welfare

September 2021 —

The crisis created by the COVID-19 pandemic came at a time when NYC Health + Hospitals (H+H) had been working toward stabilizing its financial situation. Since 2015, it has been introducing initiatives to increase revenue collections through improving billing procedures, negotiating higher insurance rates, attracting and keeping patients, and lowering personnel costs. This report reviews H+H’s position before the pandemic, assesses the financial and operational impacts of its COVID-19 response, and weighs the long-term effects of the pandemic on the system.

Budget & Finances, Education

September 2021 —

The COVID-19 pandemic has changed the face of education across the country and in New York City, the nation’s largest public school system. During the pandemic, the City had to develop and implement novel remote learning protocols to continue educating students. Extraordinary levels of federal aid allowed the City to overcome these obstacles and implement a number of new initiatives to help students and address learning losses.

Health & Welfare

August 2021 —

Millions of Americans still face housing insecurity as a result of the COVID-19 pandemic, with nearly 15 percent behind on rent payments at the end of June. New York City not only houses the majority of the State’s renters but also had relatively high rates of rent-burdened tenants prior to the pandemic.

Budget & Finances

August 2021 —

On June 30, 2021, New York City adopted its $98.7 billion budget for fiscal year 2022. Excluding federal aid, the City will fund about $2 billion more in spending than was planned in its proposed executive budget in April, after adjusting for surplus transfers and money set aside for reserves. 

Budget & Finances

June 2021 —

One year after COVID-19 caused the sharpest economic contraction on record and exposed New York City’s finances to substantial risks, the City’s economy and finances are on the mend, thanks largely to unprecedented federal economic stimulus for businesses and individuals, and direct federal relief to New York State, New York City and the Metropolitan Transportation Authority.

Economy, Neighborhood Profile

June 2021 —

Population in the Bronx grew by 10.4 percent from 2000 to 2017 (faster than any other borough), driven primarily by the growth in the immigrant population, but it declined in the next two years to 1.42 million residents.

Economy, Infrastructure

June 2021 —

The COVID-19 pandemic brought a halt to the growth of the construction industry nationwide which, prior to the pandemic, had been growing strongly. This was especially true in New York State and New York City.

Economy

April 2021 —

In 2020, the 10-year period of record growth in tourism came to an end, and the number of visitors to New York City fell by 67 percent to 22.3 million (from 66.6 million in 2019). OSC estimates the industry’s economic impact dropped by 75 percent from $80.3 billion in 2019 to $20.2 billion in 2020.

Budget & Finances, Infrastructure, Transportation

April 2021 —

The MTA’s capital program for 2020-2024 totals $54.8 billion, by far the largest program in its history. As of December 31, 2020, only 100 of 517 projects had been completed or begun, and most of the rest of the program had been indefinitely suspended.

Wall Street

March 2021 —

The average bonus paid to employees in New York City’s securities industry grew by 10 percent in 2020 to $184,000, in line with the city’s most recent 9.9 percent projection, likely allowing the city to meet or exceed its income tax revenue projections in FY2021.

Economy, Transportation

March 2021 —

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.