Archives
“The Phantom of the Opera”-ting Budget
Introduction The Office of the New York City Comptroller has updated its Agency Staffing Dashboard with new data. As of April 2026, the City employed 291,717 active full-time workers, largely unchanged from March and down from 292,483 at the start... Read More
May 5, 2026
The Pied-à-Terre Tax and Its Potential Revenues
Introduction A number of new taxes have been proposed this winter and spring to address the City’s structural budget gap. They range from a surcharge on high-income Personal Income Tax filers, to a partial recapture of the federal tax benefits... Read More
Apr 30, 2026
The Risks to the City’s Credit Ratings
Introduction Since the release of the FY 2027 Preliminary Budget and Financial Plan on February 17, three of the four rating agencies that evaluate New York City’s General Obligation bonds have revised the City’s outlook from stable to negative. That... Read More
Mar 27, 2026
Up In Smoke: The Declining Health of NYC’s Tobacco Settlement Bonds
Introduction The Tobacco Settlement Asset Securitization Corporation (“TSASC”) is a local development corporation created pursuant to the Not-For-Profit Corporation Law of the State of New York (the “State”). TSASC was created as a financing entity whose purpose is to issue... Read More
Dec 22, 2025
Paying More, Getting Less: Rising health care costs, poor outcomes, and harmful federal policy decisions are putting New Yorkers at risk
Paying More, Getting Less: Rising health care costs, poor outcomes, and harmful federal policy decisions are putting New Yorkers at risk Key Takeaways Health care costs are rising sharply across all forms of coverage, while federal policy decisions are worsening... Read More
Dec 22, 2025
Neglecting the Basics: The Critical Need to Modernize the City’s Financial IT
Introduction At the beginning of his first term as Mayor, Mike Bloomberg was reported to have asked what could “literally close down” New York City. Mayoral transitions are an important moment for asking critical questions of this sort. The answer... Read More
Dec 16, 2025
Flying Blind on Billions: How Weak Capital Data Undermines New York City’s Infrastructure Investments
Executive Summary New York City invests billions of dollars each year in capital projects that maintain, modernize, and expand the infrastructure that millions of New Yorkers rely on every day. These investments keep roads, bridges, sidewalks, and sewers functioning; ensure... Read More
Dec 5, 2025
The NYC Personal Income Tax Before and After the Pandemic
Introduction The NYC Personal Income Tax (PIT) and Pass-Through Entity Tax (PTET) brought in $18.5b in FY 2025, or 23.0% of City tax revenues.[1] In FY 2019, before the COVID-19 pandemic, PIT collections amounted to $13.3b or 21.7% of total... Read More
Nov 12, 2025
Office-to-Residential Conversions in NYC: Economics and Fiscal Estimates
Introduction In just a few years, the COVID-19 pandemic brought about an acceleration of remote work arrangements equivalent to 40 years of pre-pandemic growth.[1] The acceleration of economic obsolescence for a subset of office real estate assets was just as... Read More
Jul 17, 2025
The SALT Deduction in the House Budget Bill
Introduction One of the sticking points in the House of Representatives’ Budget Reconciliation Bill was the increase of the cap on the State and Local Tax (SALT) deduction from federal taxable income. In general terms, the cap was quadrupled in... Read More
Jun 12, 2025
Health Care Costs: Funding Post-Employment Benefits
Introduction Other Post-Employment Benefits (OPEB) are benefits offered to City employees after their retirement from City service. OPEB are a form of deferred compensation and they generally consist of various types of health insurance coverage. The City has historically chosen... Read More
Jun 3, 2025
Health Care Costs: The Hidden Risks in the Financial Plan
Introduction The cost of health insurance for City employees is a significant hidden risk in the FY 2026 Budget and Financial Plan released on May 1st. This fiscal note addresses two issues: The link between the Health Insurance Stabilization Fund... Read More
Jun 2, 2025
Recent Trends in the City’s Business Income Taxes
Introduction In recent years, City taxes on business income have outpaced other revenue sources and have consistently and significantly outperformed forecasts. Chart 1 shows that since FY 2019, business income taxes (inclusive of tax audits) have increased by more than... Read More
Feb 18, 2025
Fiscal Note: Risks for Medicaid and other NY State Healthcare Programs
Introduction Over 5 million NYC residents receive their healthcare coverage through one of NY State’s health plans – Medicaid, the Essential Plan, Child Health Plus, or the Qualified Health Plan – over 60% of the city’s overall population. These plans... Read More
Jan 24, 2025
Good Jobs and the New York City FRESH Program: Evaluation and Recommendations
Executive summary New York City’s FRESH (Food Retail Expansion to Support Health) program is designed to promote access to healthy foods, particularly in underserved areas, by providing financial and zoning incentives to new grocery stores. This fiscal note brings together... Read More
Oct 10, 2024
Fiscal Note: Implications of Lowering the Class 1 Assessment Ratio
Introduction The New York State Real Property Tax Law (RPTL §1805(1)) requires that: “The assessor of any special assessing unit shall not increase the assessment of any individual parcel classified in class one in any one year, as measured from... Read More
Aug 16, 2024