Archives
Spotlight: NYC Personal Income Tax 2019-2021
NYC Personal Income Tax 2019-2021 Tax revenues from New York City’s Personal Income Tax (PIT) increased by 11 percent in each of the first two full fiscal years following the start of the COVID-19 pandemic (FYs 2021 and 2022). Recent... Read More
Apr 11, 2023
MWBE and Emerging Manager Pension Investments & MWBE Participation in the Bureau of Public Finance
A Message from Comptroller Brad Lander Dear Reader, As the Chief Financial Officer for the City of New York, the Comptroller has an interlocking set of responsibilities to achieve strong returns for pension beneficiaries, to secure the City’s fiscal health,... Read More
Nov 1, 2022
Comments on New York City’s Fiscal Year 2023 Adopted Budget
I. Executive Summary Fiscal Year 2023 begins in a period of significant economic uncertainty. There are meaningful signs of continued recovery from the pandemic, with jobs at 96% of pre-pandemic levels, tourism and Broadway rebounding, record numbers of new business... Read More
Aug 24, 2022
Comments on New York City’s Executive Budget for Fiscal Year 2023 and Financial Plan for Fiscal Years 2022-2026
I. Executive Summary The City of New York is at a pivotal fiscal moment. Tax revenues for the current fiscal year are coming in far above projections, yielding a substantial surplus; however, neither the Mayor’s Office nor the Comptroller’s Office... Read More
May 24, 2022
Annual Analysis of NYC Agency Contracts
Executive Summary Doing business with the City of New York is a challenging proposition. The City’s procurement process, designed to protect public funds and ensure contracts are awarded fairly and competitively, can take many months when working smoothly, and longer... Read More
Mar 25, 2020
Comments on New York City’s Preliminary Budget for Fiscal Year 2021 and Financial Plan for Fiscal Years 2020 – 2024
I. Executive Summary The ongoing U.S. economic expansion surpassed the ten-year mark in 2019, with GDP growing by 2.3 percent. The Comptroller’s Office expects the economy to continue growing over the Plan period but at a slower rate, consistent with... Read More
Mar 2, 2020
Final Actuarial Audit Reports Submitted by Bolton Partners, Inc. – Actuarial Audit of Employer Contributions for Fiscal Year 2018 (2016 lag valuation)
Executive Summary Bolton Partners, Inc. was hired by the New York City Comptroller’s Office to perform an actuarial audit of the following five New York City Retirement Systems: New York City Employees’ Retirement System (NYCERS); Teachers’ Retirement System of the... Read More
Jun 4, 2019
Final Actuarial Audit Reports Submitted by Bolton Partners, Inc. – Experience Study Discussion through June 30, 2017 – Part 3 of 3
Executive Summary Part 3/3 Bolton Partners, Inc. was retained by the New York City Comptroller’s Office to serve as Independent Actuary under Section 96 of the New York City Charter. The engagement relates to the five pension funds that collectively... Read More
Jun 4, 2019
Final Actuarial Audit Reports Submitted by Bolton Partners, Inc. – Experience Study Discussion through June 30, 2017 – Part 2 of 3
Executive Summary Part 2/3 Bolton Partners, Inc. was retained by the New York City Comptroller’s Office to serve as Independent Actuary under Section 96 of the New York City Charter. The engagement relates to the five pension funds that collectively... Read More
Jun 4, 2019
Final Actuarial Audit Reports Submitted by Bolton Partners, Inc. – Experience Study Discussion through June 30, 2017 – Part 1 of 3
Executive Summary Part 1/3 Bolton Partners, Inc. was retained by the New York City Comptroller’s Office to serve as Independent Actuary under Section 96 of the New York City Charter. The engagement relates to the five pension funds that collectively... Read More
Jun 4, 2019
Final Actuarial Audit Reports Submitted by Bolton Partners, Inc. – Administrative Review of Actuarial Data
Executive Summary Bolton Partners, Inc. was retained by the New York City Comptroller’s Office to serve as Independent Actuary under Section 96 of the New York City Charter. The engagement relates to the five pension funds that collectively comprise the... Read More
Jun 4, 2019
Final Actuarial Audit Reports Submitted by Bolton Partners, Inc. – Independent Actuary’s Statement
Transmittal Letter The Honorable Scott M. Stringer New York City Comptroller Office of the New York City Comptroller One Centre Street New York, NY 10007 Re: Independent Actuary’s Certification Regarding the Funding of the Five Actuarially-Funded New York City Retirement... Read More
Jun 4, 2019
Comments on New York City’s Preliminary Budget for Fiscal Year 2020 and Financial Plan for Fiscal Years 2019 – 2023
Executive Summary The U.S. economy reached its ninth year of expansion in 2018, with GDP growing by 2.9 percent in 2018 — the fastest rate since 2015. However, the risks to continued economic expansion also grew in the last year.... Read More
Mar 6, 2019
Comments on New York City’s Fiscal Year 2019 Adopted Budget
Executive Summary The City’s Fiscal Year (FY) 2019 budget as adopted is $89.16 billion, down 0.5 percent from FY 2018’s $89.6 billion. Accounting for prepayments and reserves, however, adjusted spending is up $2.9 billion, or 3.2 percent, to $92.36 billion in... Read More
Jul 25, 2018
Final Actuarial Audit Reports Submitted by Bolton Partners, Inc. – Actuarial Audit of Employer Contributions for Fiscal Year 2016 (2014 lag valuation)
EXECUTIVE SUMMARY Bolton Partners, Inc. (Bolton) was retained by the Comptroller to serve as the Independent Actuary under Section 96 of the New York City Charter and provide other services related to the review of the funding of the following... Read More
Mar 12, 2018