Bureau of Public Finance
Monthly Public Finance Wrap-Up: April 2013
To Our Investor Community:
As is often the case, April was a quiet month for City bond sales due largely to the pending release of the Mayor’s Executive Budget for the coming fiscal year. We expect that the sales calendar will pick up again in May and June with issuance by the three main City credits.
Executive Budget for Fiscal Year 2014
On May 2, the Mayor released his Executive Budget for FY 2014, which starts on July 1, and the Four Year Financial Plan for fiscal years 2014-2017. The budget is not final until the City Council approves it. The Council has until June 30 to negotiate with the Mayor. The Executive Budget and Financial Plan are available on the City’s Office of Management and Budget website. The City Charter mandates that the Comptroller review and comment on the proposed budget, and our review is under way.
We anticipate a New York City General Obligation bond sale in May and in June, sales by the New York City Transitional Finance Authority (Future Tax Secured Bonds) and New York City Municipal Water Finance Authority. Details on each transaction will be announced closer to the sale dates.
Information on how to buy New York City bonds is available on the Comptroller’s website. You can subscribe at this site to receive sale announcements and other City publications and reports. The New York State Comptroller also maintains a website with a preliminary forward calendar for major State and City issuers.
As always, we appreciate your interest in New York City bonds. Please contact us if you have any questions or suggestions as to how we can improve our investor communications.
Carol S. Kostik
Deputy Comptroller for Public Finance