New York, NY – New York City Comptroller Mark Levine released the following statement in response to Fitch Ratings and Kroll Bond Rating Agency (KBRA) revising the City’s outlook from stable to negative. “A negative outlook from a credit rating agency is not a downgrade—but it is a warning. With today’s revisions from Fitch and Kroll now 3 of our 4 ratings agencies are sending us a similar message: New York City needs to address the underlying structural imbalances in our budget. “Thankfully, New York City’s economy...
A Message from the Comptroller Dear New Yorkers, New York City must pass a balanced budget by June 30 and as you've probably heard, this year’s negotiations are especially complex. Despite a stronger-than-expected economy — with real wages rising nearly 3%, Wall Street bonuses at record highs, and most major City tax revenues growing — the City is facing a fiscal shortfall on a scale we haven’t seen since the Great Recession. In other words, we’re spending more than we’re...
New York, NY – New York City Comptroller Mark Levine released the following statement in response to Moody’s Ratings revising the City’s outlook from “stable” to “negative.” “Moody’s decision to revise New York City’s outlook to negative is a sobering wake-up call about the fiscal challenges ahead for us. It is the first negative outlook the City has received since the COVID crisis. The fact that this is happening at a time of relative health in our local economy is all the more remarkable. The underlying challenge is clear:...
New York, NY – Today, New York City Comptroller Mark Levine released his office’s updated analysis of New York City’s Preliminary Budget for Fiscal Year 2027 and Financial Plan for Fiscal Years 2026–2030 and testified before the City Council. Comptroller Levine commended the administration for presenting an inaugural budget that provides a more transparent and complete accounting of City spending, marking a significant departure from prior practices that understated the full cost of City programs. However, the analysis identifies three major concerns: First, reoccurring City expenses are higher than reoccurring revenues, a structural imbalance that puts the City’s...
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