NYC Comptroller Brad Lander Releases Fiscal Year 2025 Annual Comprehensive Financial Report

New York, NY – New York City Comptroller Brad Lander released the Annual Comprehensive Financial Report (ACFR) for Fiscal Year 2025, running from July 1, 2024 through June 30, 2025. The ACFR is a detailed assessment of the City’s fiscal health and performance and includes the City’s government-wide financial statements. For the fourth year, the Comptroller’s Office made financial and statistical tables in the annual report  available for download on the Comptroller’s website at comptroller.nyc.gov.

“The Annual Comprehensive Financial Report is one of the most important tools we have to promote transparency and accountability throughout government. Ensuring residents have access to a clear picture of the sound financial footing our City is on gives New Yorkers and external stakeholders the confidence that we are on the right track and projections for the years to come. I am thankful to the dedicated team of accounting professionals who have committed to producing this crucial resource each year,” said New York City Comptroller Brad Lander.

The ACFR serves as an essential resource for the public and policymakers, who rely on this transparency tool to understand how the City manages  fiscal resources, and to make sound decisions with the information provided.

For the 45th consecutive year, the Government Finance Officers Association (GFOA) awarded the City of New York the prestigious Certificate of Achievement for Excellence in Financial Reporting.

The full Annual Comprehensive Financial Report (ACFR) for Fiscal Year 2025 is now available at https://comptroller.nyc.gov/reports/annual-comprehensive-financial-reports/.

Highlights from the Fiscal Year 2025 Annual Report include:

City of New York Finances

• The General Fund had revenues and other financing sources of $117.660 billion and expenditures and other financing uses of $117.690 billion, resulting in a deficit of $30.5 million, excluding the adjustment for restricted fund activities.
• Including the adjustment for restricted fund activities, the General Fund had an operating surplus of $5.0 million. This amount increased the General Fund’s committed balance (the Revenue Stabilization Fund) to $1.969 billion.
• General Fund revenues were $4.845 billion higher than in Fiscal Year 2024, a 4.3 percent increase. An increase of $6.139 billion in tax revenues and an increase of $791 million in State categorical grants drove a growth in revenues but was partially offset by a $2.153 billion decrease in Federal categorical aid following the end of Covid-19 aid.
• Actual Fiscal Year 2025 revenues were $5.991 billion more than projected in June 2024 in the Fiscal Year 2025 Adopted Budget, driven by a $3.268 billion variance in tax revenues. Overall, the City availed itself of $11.690 billion in additional resources that were primarily used to close the Fiscal Year 2026 budget gap ($3.787 billion), and to fund, among other expenses, greater than expected contractual services costs ($2.388 billion), higher than budgeted overtime costs ($1.148 billion), and greater than expected public assistance costs ($996 million).

New York City Public Pension Funds

The Comptroller’s Bureau of Asset Management is the investment advisor to the City’s five public pension funds: New York City Employees’ Retirement System (NYCERS), Teachers’ Retirement System of the City of New York (TRS), New York City Police Pension Fund (Police), New York City Fire Pension Fund (Fire), and the New York City Board of Education Retirement System (BERS).

• As of June 30, 2025, the combined investments assets of the City’s five Systems totaled $ $297.607 billion, a $20.224 billion increase from the value as of the end of Fiscal Year 2024. During the fiscal year, the fair value of the assets ranged from a high of $294.607 billion (June 2025) to a low of $274.383 billion (June 2024).
• The time-weighted return (net of manager fees) of the aggregate portfolio was 10.3 percent in Fiscal Year 2025 and 10.0 percent in Fiscal Year 2024.
• In aggregate the City’s pension funds are 89.1 percent funded to meet their long-term obligations with a plan in place to achieve 100 percent funding by 2032.

Municipal Finance

The Comptroller’s Bureau of Public Finance works with the Mayor’s Office of Management and Budget to issue bonds to finance the City’s extensive capital program and to refund outstanding bonds for savings.

• New York City continued to experience strong retail investor participation on transactions and increased institutional interest, which was supported by municipal bond fund inflows for most of the fiscal year.
• In Fiscal Year 2025, the General Obligation and Transitional Finance Authority credits issued a combined 10 new money transactions, totaling $15.500 billion, which raised nearly $16.250 billion of proceeds for the City’s capital needs.
• During Fiscal Year 2025, the City and TFA issued five refunding transactions that generated nearly $593 million of debt service savings over the life of the bonds.

Local Economic Conditions in Fiscal Year 2025

• New York City’s job market grew by 74,900 jobs from June 2024 to June 2025, reaching an all-time high. As of June 2025, jobs exceed pre-pandemic levels by 134,000 (2.8 percent).
• The Health Care and Social Assistance industry (part of the Education and Health Services sector) dominated private sector job growth, which added 67,800 jobs over the fiscal year, a 6.8 percent growth rate.
• While the City’s Information sector jobs remain below their high-water mark above 240,000 at the end of Fiscal Year 2022, employment in the industry rose in Fiscal Year 2025 to a level higher than prior to the pandemic.
• New York City’s seasonally adjusted unemployment rate fell to 4.7 percent in June 2025, from 5.3 percent in the prior year. During this same period, the U.S. unemployment rate remained unchanged at 4.1 percent, thus halving the gap that NYC’s rate exceeded the national rate to 0.6 percent.
• New York City taxable sales grew by 3.2 percent in Fiscal Year 2025, near to that of the prior fiscal year, where taxable sales rose 3.4 percent.
• Median asking rent for publicly listed New York City residential properties grew by $200 (5.3 percent) to $4,000 through Fiscal Year 2025, amidst a 1.8 percent decline in the inventory available for rent.
• Manhattan office real estate vacancy rates fell by 1 percentage point in Fiscal Year 2025 to 22.6 percent, the first decline in the post-pandemic period. Inventory also declined from its record high in the prior year, as the pipeline of new office construction has been shrinking while demolitions and office-to-residential conversions begin to reduce the existing stock of office space.
• The Consumer Price Index (CPI) in the New York City Metropolitan Area grew by an annual average of 3.9 percent in Fiscal Year 2025, an increase from the prior year’s growth rate of 3.4 percent.

Read the full report at https://comptroller.nyc.gov/reports/annual-comprehensive-financial-reports/.

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