Comptroller Stringer Releases Analysis of New York City’s Fiscal Year 2020 Adopted Budget
(New York, NY) — Today, New York City Comptroller Scott M. Stringer delivered remarks at the annual meeting of the New York State Financial Control Board outlining the City’s fiscal health and released a report on New York City’s Fiscal Year 2020 Adopted Budget. The Comptroller’s report reiterates the need to align the City’s spending growth and savings as Comptroller Stringer renewed his call for City agencies to contribute more to the Citywide Savings Plan by identifying efficiencies and productivity enhancements.
“I am pleased to report today that our city’s economy and fiscal condition continued strong over the past fiscal year and I congratulate the Mayor and the City Council on a balanced Fiscal Year 2020 budget that funds many important priorities for our City,” said New York City Comptroller Scott M. Stringer. “Our city’s economy is strong but we don’t have unlimited resources, which means we need to manage our budget with care today for the long-run benefit of our city. We must find the necessary savings to ensure that any growth in spending is aligned with actions to strengthen the foundation of our city for future generations of New Yorkers.”
Comptroller Stringer’s report shows:
- The Fiscal Year (FY) 2020 Adopted Budget totals $92.8 billion. Adjusted for prepayments, prior-year adjustments, and for budgeted reserves, spending is set to grow to $95.6 billion.
- New spending in FY 2020 since the Executive Budget, excluding the increase to the general reserve, totals $940 million. This includes $454 million in City Council initiatives – up 17 percent from FY 2019 – complemented by $258 million in spending by the Administration on priorities identified by the Council.
- The FY 2020 budget includes a General Reserve of $1.15 billion, alongside the Capital Stabilization Reserve of $250 million. The City also deposited $100 million above the amount needed for retiree health benefits at the end of FY 2019 to the Retiree Health Benefits Trust, bringing its balance to $4.6 billion.
- The amount of the budget surplus generated in FY 2019, however, was $355 million less than that in FY 2018: $4.221 billion, versus $4.576 billion. This led to a decline in the budget cushion – the sum of budget reserves, prepayments, and Retiree Health Benefits Trust balances – from 11.3 percent of budgeted spending at the beginning of FY 2019, to 10.7 percent at the beginning of FY 2020.
Comptroller Stringer also announced that unaudited preliminary returns for the City’s pension funds were 7.24 percent, above the actuarial target of 7 percent. These preliminary numbers may be revised up or down in the coming months.
To read the Comptroller’s full report on New York City’s FY 2020 Adopted Budget, click here.
To read the Comptroller’s remarks as prepared for the New York State Financial Control Board annual meeting, click here.
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