Archives
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
New York City Cash Balance Projection March 1, 2022
On December 1, 2021, New York City’s unrestricted cash balance reached a seasonal low of $1.338 billion, compared to $2.143 billion in FY21 and $1.769 billion in FY20. This year, as in years past, a reversal occurred in the second... Read More
Mar 1, 2022
New York City Cash Balance Projection September 1, 2021
A coronavirus pandemic and containment measures began in NYC in March, 2020. After a brutal year, NYC is getting back on its feet thanks to the combined impact of a mass vaccination rollout and federal stimulus funding for Covid-19 response... Read More
Sep 1, 2021
New York City Cash Balance Projection June 1, 2021
Last year the Covid-19 virus led to the shutdown of non-essential businesses and wiped out hundreds of thousands of jobs in New York City. Income and sales taxes, property transaction taxes, tourism-related revenue, licenses, fees, and permits, and fines and... Read More
Jun 1, 2021
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. – 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
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
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