NEW YORK TRUCKSTOP

Subscribe to Our Newsletter

The online community for the New York Metro area trucking industry. Subscribe to our newsletter.

  • Home
  • About
  • Blog
  • Resources
  • Contact Us
You are here: Home / New York City / New York City: 2020 Fiscal Report

New York City: 2020 Fiscal Report

November 4, 2020 By New York Truckstop Leave a Comment

FacebooktwitterpinterestlinkedinmailFacebooktwitterpinterestlinkedinmail

“Amid a global pandemic and unprecedented economic crisis, our work of holding government accountable continues strongly. The road from this crisis to recovery will not be easy…..” said New York City Comptroller Scott M. Stringer upon the release of NYC’s 2020 fiscal report. The full 459 page report can be downloaded here. The highlights include:

New York City’s Finances and Economy:

  • The General Fund had revenues and other financing sources of $95.058 billion and expenditures and other financing uses of $95.099 billion, which results in a deficit of $41 million
  • Employment plunged by almost 20 percent from February to April and grew by a smaller 3.2 percent from April to June. This nearly 20 percent decline in NYC employment was equivalent to the loss of an unprecedented 910,050 jobs between February and April
  • Small business revenues declined dramatically in March:
    • Manhattan small business revenue had declined by 70 percent by the end of March. Despite some recovery, Manhattan small business revenue in early July was still down over 40 percent from the beginning of January
    • Outer borough small businesses fared better but still experienced revenue declines of 40 percent to 60 percent by early April
    • In July, Staten Island and Queens small business revenue remained over 20 percent down from January
    • Bronx small business revenue has begun to recover and is up 9 percent over January

Bureau of Asset Management:

  • The Bureau of Asset Management had $213.6 billion in assets under management for the five New York City retirement systems (close of FY20)
  • The pension trust fund assets increased by $5.7 billion in FY20, for a return of 4.4 percent
  • Launched Boardroom Accountability Project 3.0, a new initiative calling on companies to adopt a policy requiring the consideration of both women and people of color for every open board seat and for CEO appointments

Bureau of Public Finance:

  • The City and the New York City Transitional Finance Authority (TFA) issued a total of $7.61 billion of long-term bonds to finance capital needs
  • The New York City Municipal Water Finance Authority (the Water Authority) issued a total of $1.81 billion of bonds to finance the capital needs of the water and sewer systems
  • Refunding of bonds of the City generated $275.87 million in budgetary savings and refunding of Water Authority bonds generated $660.63 million of savings over the life of those bonds
  • NYCs outstanding General Obligation debt, TFA’s Future Tax Secured debt, and the Water Authority’s debt together totaled $110.35 billion (close of FY20)

Bureau of Economic Development

  • The Economically Targeted Investments (ETI) program, including real assets and future commitments, constituted $3.07 billion in total assets
  • The ETI program invested in 8,900 affordable housing units, invested in construction loans for 1,138 affordable housing units and made future commitments to invest in another 427 affordable housing units to facilitate their construction
Print Friendly, PDF & EmailPrint Friendly
FacebooktwitterpinterestlinkedinmailFacebooktwitterpinterestlinkedinmail

Filed Under: New York City Tagged With: NYC, NYC Small Business, revenue

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

FOLLOW US

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

SPONSORED BY

Arthur Miller Attorney at Law

The Law Firm of Arthur L. Miller

The Law Firm of Arthur L. Miller The law firm of Arthur L. Miller specializes in transportation and traffic issues … Read More...

TOPICS

  • Business
  • Certified WeighMasters
  • Class Action Suits
  • Climate & Energy
  • Construction Jobs
  • COVID-19
  • Driver Education
  • Fares Fees Tolls
  • Federal
  • Funding
  • Immigration Law
  • International Trade
  • Legislation
  • New Jersey Legislation
  • New Legislation
  • New York City
  • New York State
  • Parking
  • Pending Legislation
  • Safety
  • Strategies for Urban Mobility Policy: Sustainable Delivery Bills (eacreative.nyc)
  • Truck Tractor Trailer
  • Uncategorized
  • Worker Safety

Our Latest Tweets

Tweets by @nyctruckstop

Follow Us

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

Contact Us

34-18 Northern Blvd.
Long Island City, New York 11101

Phone: 718-997-0641
Fax: 718-997-0245

Email Us

Fields marked with an * are required

Copyright © 2023 New York Truck Stop Enterprises LLC     |     Site developed by Good2bSocial