Department of Finance, FY 2021
October 18, 2021
M/WBE Letter Grade
Letter Grade Overview
The Department of Finance had $32.9 million in total M/WBE-eligible spending, with 0% on construction, 61% on professional services, 32% on standard services, and 7% on goods. DOF received a C grade, earning an F grade with African Americans, an A grade with Asian Americans, a D grade with Hispanic Americans, and an F grade with women-owned firms. In FY 21, DOF spent $6 million with M/WBEs, a decrease of $3.4 million since FY 20. This represents 18% M/WBE spending, a less than 1 percentage point increase in its M/WBE share since FY 20. When compared with FY 14, DOF increased their spending by $4.4 million, which represents a 15 percentage point increase in M/WBE spending.
About DOF
The Department of Finance collects over $35 billion in revenue for the City and assesses more than one million properties currently valued at over $1 trillion.
http://www1.nyc.gov/site/finance/index.page
Agency Fiscal Year 2021 Spending within Local Law 174*
| African American | Asian American | Hispanic American | Women | Non M/WBE | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| $ | % | $ | % | $ | % | $ | % | $ | ||
| Construction | $0 | 0.00% | $0 | 0.00% | $0 | 0.00% | $0 | 0.00% | $0 | |
| Professional Services | $0 | 0.00% | $2,338,010 | No Goal | $197,568 | 10.90% | $151,157 | 2.04% | $17,478,095 | |
| Standard Services | $78,042 | 5.18% | $1,443,333 | 138.93% | $69,320 | 6.46% | $487,152 | 15.83% | $8,437,246 | |
| Goods < $100K | $82,382 | 63.33% | $712,452 | 307.18% | $268,818 | 173.61% | $199,818 | 29.90% | $926,653 | |
| Total LL174 Spending | $160,424 | $4,493,795 | $535,705 | $838,127 | $26,841,994 | |||||
| Weighted Grade | F | A | D | F | N/A | |||||
$ = the dollar amount spent in the Local Law 174 eligible category. % = the percentage of the Local Law 174 target that was achieved.
* Letter grades are calculated using a weighted average of agency spending across population groups and sectors. All dollars and percents are based on Local Law 174 and exclude categories described in Appendix D: Methodology. For a complete worksheet detailing how this agency grade was calculated, see Appendix B: Worksheets.
M/WBE Letter Grade Worksheet
| Category | C | PS | SS | G |
| African American (AFA) | 8% | 12% | 12% | 7% |
| Asian American (AA) | 8% | No Goal | 3% | 8% |
| Hispanic American (HA) | 4% | 8% | 6% | 5% |
| Women (W) | 18% | 17% | 10% | 25% |
| C: Construction PS: Professional Services. SS: Standard Services G: Goods | ||||
| Weighted % | Score | Avg. Score | Grade |
|---|---|---|---|
| > 80 | 5 | > 4.25 | A |
| > 60 | 4 | > 3.25 | B |
| > 40 | 3 | > 2.25 | C |
| > 20 | 2 | > 1.25 | D |
| < 20 | 1 | < 1.25 | F |
Step 1: Total Eligible Spending Per Industry
| Total Eligible Spending | C | PS | SS | G |
|---|---|---|---|---|
| $32,870,046 | $0 | $20,164,830 | $10,515,092 | $2,190,123 |
Step 2: Weighted Matrix (Industry Spending/Total Eligible Spending)
| Category | C | PS | SS | G |
|---|---|---|---|---|
| AFA, HA, W | 0.00% | 61.35% | 31.99% | 6.66% |
| AA | No Goal |
Step 3: Actual LL174 M/WBE Spending
| Category | C | PS | SS | G |
|---|---|---|---|---|
| African American | $0 | $0 | $78,042 | $82,382 |
| Asian American | $0 | $2,338,010 | $1,443,333 | $712,452 |
| Hispanic American | $0 | $197,568 | $69,320 | $268,818 |
| Women | $0 | $151,157 | $487,152 | $199,818 |
Step 4: Actual Spending Percentage (Actual LL174 M/WBE Spending/Industry Spending)
| Category | C | PS | SS | G |
|---|---|---|---|---|
| African American | 0.00% | 0.00% | 0.74% | 3.76% |
| Asian American | 0.00% | 11.59% | 13.73% | 32.53% |
| Hispanic American | 0.00% | 0.98% | 0.66% | 12.27% |
| Women | 0.00% | 0.75% | 4.63% | 9.12% |
Step 5: LL174 M/WBE Spending as Percentage of Target Achieved (Actual Spending Percentage/LL174 Target)
| Category | C | PS | SS | G |
|---|---|---|---|---|
| African American | 0.00% | 0.00% | 5.18% | 63.32% |
| Asian American | 0.00% | No Goal | 138.93% | 307.18% |
| Hispanic American | 0.00% | 10.90% | 6.46% | 173.61% |
| Women | 0.00% | 2.04% | 15.83% | 29.90% |
Step 6: Final Score
| Category | C | PS | SS | G |
|---|---|---|---|---|
| African American | 5.88% | F | 1 | 2.25 |
| Asian American | 140.58% | A | 5 | |
| Hispanic American | 20.32% | D | 2 | |
| Women | 8.31% | F | 1 |
Subcontract Data
| Total Reported Spending | LL174 Eligible Spending | Non Eligible Spending |
|---|---|---|
| $534,619 | $34,692 | $499,927 |
| LL174 Sub Spending | Construction | Goods | Professional Services | Standard Services | M/WBE Total |
|---|---|---|---|---|---|
| African American | $0 | $0 | $0 | $0 | $0 |
| Asian American | $0 | $0 | $0 | $0 | $0 |
| Hispanic American | $0 | $0 | $0 | $0 | $0 |
| Women | $0 | $0 | $34,692 | $0 | $34,692 |
| Industry Total | $0 | $0 | $34,692 | $0 | $534,619 |
