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January 2013 Monthly Public Finance Wrap Up

February 1, 2013

With no New York City Bond sales in January, we would like to direct your attention to important City financial transparency and budget news.

Check Book 2.0

On January 23, the New York City Comptroller’s Office unveiled Checkbook NYC 2.0, which provides access into how New York City spends its operating and capital budgets.  All City expenditures are available on the website.  Checkbook NYC 2.0 also provides improved search and navigation, data visualizations, historical trends, data exports, and access to more comprehensive data on City contracts, payroll, and spending. 

The new and improved Checkbook NYC solidifies New York City’s position as a national leader in financial transparency. A comprehensive national study of the country’s 30 largest cities ranked New York City in the top spot.  The study was conducted by the United States Public Interest Research Group (U.S. PIRG).   For further details please refer to the press release.  You can access the new website at www.checkbooknyc.com.                 
Fiscal Year 2014 Preliminary Budget

On January 29, Mayor Michael R. Bloomberg presented the Fiscal Year 2014 preliminary budget, the five-year financial plan for fiscal years 2013 through 2017 and the preliminary ten-year capital strategy.  The financial plan reflects balanced budgets for both the current fiscal year, which ends June 30th, and fiscal year 2014.  The preliminary expense budget for FY 2014 is $70.1 billion, with a City-funded portion of $50.7 billion.  You may also download the financial plan summary which provides an overview of New York City’s fiscal health.  The New York City Comptroller is mandated by City Charter to review and comment on the budget and financial plan; this review is underway and is expected to be released in February.

Looking Ahead

February is looking to be a busy month with both New York City and the New York City Municipal Water Finance Authority (“NYW”) conducting bond sales.  Deal sizes and structures have yet to be announced.
Information on how to buy New York City bonds is available on the Comptroller’s website. Future financings typically are announced one to two weeks before the sale date. You can subscribe here 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.

 

Carol S. Kostik          
Deputy Comptroller for Public Finance

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Under no circumstances shall the information on this website constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Offers to purchase securities may be made only through a registered broker-dealer and through an official statement.

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