Archives
Comments on New York City’s Fiscal Year 2019 Executive Budget
Executive Summary Both the national and local economies are expected to continue to grow in 2018 and for the remainder of the April 2018 Financial Plan period, fueled by a strong labor market and modest increases in wages. Recent Federal... Read More
May 24, 2018
Estimated Tax Revenues from Marijuana Legalization in New York
In just the past six years, voters in eight states and the District of Columbia have passed ballot measures to legalize the adult use of marijuana. At least seven more states may follow suit this fall. In total, over half... Read More
May 15, 2018
The Impact of Airbnb on NYC Rents
Introduction New York City has been suffering through an affordable housing crisis for years. Between 2011 and 2017, New York City lost nearly 183,000 affordable units of housing renting for less than $1,000 – larger than the entire public housing... Read More
May 3, 2018
Impact of the Tax Cuts and Jobs Act on Non-Profits
Non-profit organizations are a vital part of the nation’s and the City’s communities and economies, providing key religious, cultural, medical and social services that would often go unfilled in their absence, or conducted at a higher cost. According to the... Read More
Apr 18, 2018
The Economic Impact of New York City’s Dreamers
Jan 31, 2018
The Public Cost of Private Bail: A Proposal to Ban Bail Bonds in NYC
Executive Summary A basic principle of the American justice system is that all people are innocent until proven guilty, and that defendants should not be unnecessarily punished or detained before a finding of guilt. However, the bail system in New... Read More
Jan 17, 2018
Comments on New York City’s Fiscal Year 2018 Adopted Budget
I. Executive Summary The City adopted a balanced FY 2018 budget of $85.24 billion on June 6, 2017. Before adjusting for prepayments, the FY 2018 Adopted Budget is $86 million less than the modified FY 2017 budget of $85.33 billion. Adjusting for the $4.17... Read More
Jul 25, 2017
New York City’s Labor Market: Evidence From The Recent Expansion
Key Findings New York City was not as severely impacted by the Great Recession as the rest of the nation, and has had a strong recovery. Payroll employment is up 14% compared to the pre-recession peak The job mix has... Read More
Jun 26, 2017
Preliminary Analysis of President Trump’s FY 2018 Federal Budget
On Tuesday, May 23, the White House released President Trump’s proposed budget for Federal Fiscal Year 2018, which will begin October 1st. The plan outlines $1.7 trillion in net reductions to federal programs over the next 10 years. The proposal... Read More
May 25, 2017
The Comptroller’s Comments on New York City’s FY 2018 Preliminary Budget Report
I. Executive Summary The New York City economy grew 2.9 percent in 2016, outperforming the nation for the sixth time in the past seven years. Despite the robust economic growth, there are clear signs that the expansion is cooling. Job... Read More
Mar 2, 2017
Comments on New York City’s Fiscal Year 2017 Adopted Budget
EXECUTIVE SUMMARY Netting out the impact of prepayments and reserves, expenditures in the FY 2017 Adopted Budget totals $84.6 billion, 3.2 percent more than the adjusted FY 2016 expenditures. The adjusted City-funds portion of the FY 2017 budget totals $61.8... Read More
Jul 27, 2016
Final Letter Report on the Follow-Up Review of the Removal of Cooperative Condominium Tax Abatements for the Ineligible Properties Identified in Our Recent Audit of the New York City Department of Finance
Executive Summary This follow-up review was conducted to determine whether the New York City Department of Finance (DOF) removed the cooperative condominium tax abatements (Co-op/Condo Abatements) from ineligible properties that were identified in the recent report, Audit Report on the... Read More
Jun 28, 2016
Comments on New York City Fiscal Year 2017 Executive Budget
While the U.S. economy is in the seventh year of one of its longest economic expansions, it has also become evident that the underlying growth potential of the economy has lessened. In the 15 years from 2000 to 2015, the... Read More
May 24, 2016
Fines and Fees in the New York City Budget
Fines and fees are a necessary, and many times unpopular, source of revenue for running any government entity. This brief examines select components of the nearly $2 billion in annual fines and fees charged or imposed by the City and... Read More
Mar 15, 2016
Comments on New York City’s Preliminary Budget for Fiscal Year 2017 and Financial Plan for Fiscal Years 2016-2020
EXECUTIVE SUMMARY While the City’s January 2016 Financial Plan forecasts manageable budget gaps in FY 2017 through FY 2020, the Comptroller’s Office projects larger gaps that could grow to $3.77 billion in FY 2020. The Comptroller’s identified risks to the... Read More
Mar 1, 2016