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Public Finance Wrap-Up: October 2018

November 1, 2018

City Publishes Comprehensive Annual Financial Report

New York City published its Comprehensive Annual Financial Report (Annual Report) for the fiscal year ended June 30, 2018. The report presents a complete financial picture of the City, including information on debt and borrowing. The Annual Report shows that the City completed its fiscal year with a General Fund surplus for the 38th consecutive year.

NYW Hosts Investor Conference

NYW Hosts Investor Conference

Attendees to the 24th Annual NYW Investor Conference chat between speakers at the Palm House in the Brooklyn Botanic Garden.

The New York City Municipal Water Finance Authority (NYW) hosted its annual investor conference on October 26 at the Brooklyn Botanic Garden. After hearing from representatives from the Department of Environmental Protection and NYW, attendees enjoyed a tour of the garden before shuttling to the Paerdegat Basin Combined Sewer Overflow retention facility for a walkthrough of its operations and nearby Ecology Park. See more photos.

Conference attendees

Conference attendees begin a tour of the Brooklyn Botanic Garden.

Strong Demand for TFA BARBs Prompts Accelerated Sale

For the second time in 2018, the New York City Transitional Finance Authority’s (TFA) Building Aid Revenue Bonds received record demand from retail investors, as the TFA sold $1.4 billion of tax-exempt and taxable fixed rate bonds. Individual investors and professionally-managed retail accounts placed $887 million in orders for the bonds and institutions placed $1.6 billion in orders, allowing for yield reductions of 1-3 basis points on the bonds. The TFA accelerated the institutional pricing by one day due to the strong response, completing the pricing on October 16. Read the full press release.

NYC Bond Fact – Affordable Housing and Taxable Bonds

Proceeds from the majority of New York City’s taxable bonds are used to fund affordable housing projects, which are largely ineligible for tax-exempt financing. The 2018-2027 Ten-Year Capital Strategy allocates $9.4 billion for the development, preservation, and replacement of affordable housing units and other housing support. The City’s taxable bond issuance has increased in recent years.

Looking Ahead

The New York City Municipal Water Finance Authority plans to offer approximately $300 million of bonds through the New York State Environmental Facilities Corporation via negotiated sale during the week of November 12. Proceeds from the sale will repay bond anticipation notes, which funded capital improvements to the City’s water and sewer systems. Sign up to receive notices of upcoming sales here.

As always, we appreciate your interest in New York City bonds.

Marj Henning
Deputy Comptroller for Public Finance

Postcard from New York
The Brooklyn Army Terminal in Sunset Park, Brooklyn is home to over 100 small manufacturers and businesses and was the largest military supply base in the U.S. during World War II. The site was one of many opened to visitors as part of the annual Open House New York Weekend in October.

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