“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
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