Reports

On February 9, 2015, the City of New York submitted to the New York State Financial Control Board a revised financial plan (the “February Plan”) covering fiscal years 2015 through 2019. The February Plan incorporates the Mayor’s preliminary budget for FY 2016 and developments during the first half of the current fiscal year.

On November 25, 2014, the City of New York submitted to the New York State Financial Control Board a revised four-year financial plan (the “November Plan”) covering fiscal years 2015 through 2018. The November Plan incorporates developments during the first quarter of the current fiscal year, including higher-than-expected tax collections and agency spending. The November Plan shows substantially smaller out-year gaps than projected by the City in June 2014, mostly because of savings from better-than expected pension fund investment earnings in FY 2014 and additional debt refinancings.

On July 28, 2014, the Metropolitan Transportation Authority (MTA) released a preliminary budget for 2015 and an associated financial plan (the “July Plan”). The July Plan, which covers 2014 through 2018, shows that the MTA’s short-term financial outlook continues to improve with the economy.

Six years after the financial crisis, the securities industry continues to deal with the fallout. Regulatory reforms are changing the way the industry operates by requiring larger reserves, limiting certain activities and imposing other changes intended to reduce unnecessary risk and to enhance transparency.

The New York City subway system includes 468 passenger stations, which are used by 5.5 million riders each weekday. The system is operated by New York City Transit (NYCT), the largest subsidiary of the Metropolitan Transportation Authority

On June 26, 2014, the City of New York submitted to the New York State Financial Control Board a revised financial plan for FY 2014, which ended on June 30, 2014, and a new four-year financial plan (the “June Plan”) for fiscal years 2015 through 2018. The June Plan incorporates the adopted budget for FY 2015 and other revisions since the Mayor released his executive budget.

The regional transit system operated by the Metropolitan Transportation Authority (MTA) has improved dramatically over the past three decades.

On May 21, 2014, the City of New York revised its financial plan (the “May Plan”) to update its revenue and expenditure forecasts for fiscal years 2014 through 2018. The May Plan reflects the Mayor’s executive budget for FY 2015 and the recently ratified labor agreement with the United Federation of Teachers (UFT).

This report is the ninth in a series by the Office of the State Comptroller on the progress of the capital security program of the Metropolitan Transportation Authority (MTA).

Over the past decade, Brooklyn has expanded at a rapid pace by attracting new businesses and residents.

Technology is playing a growing role in personal and business activities. While there is a broad range of firms that are engaged in technology-related activities, at the heart of this trend are high-tech companies.

The average bonus paid to securities industry employees in New York City grew by 15 percent to $164,530 in 2013, which is the largest average bonus since the 2008 financial crisis, and the third highest on record.

On February 12, 2014, the City of New York revised its four-year financial plan (the “February Plan”) to update its revenue and expenditure forecasts, and to begin reflecting the priorities of the new mayoral administration. Since the beginning of the fiscal year, the City has raised its tax revenue forecast by more than $5 billion through FY 2018 because the economy is outperforming the City’s expectations.

On November 21, 2013, the City of New York revised its four-year financial plan (the “November Plan”) to reflect a number of favorable developments since the FY 2014 budget was adopted in June 2013. The City now forecasts that revenues will be higher by $1.1 billion in FY 2014 (mostly from nonrecurring sources), debt service will be lower during the entire financial plan period, and recurring savings will come from a one-year freeze in employee health insurance premiums in FY 2015.

Queens has the largest and most diverse employment base among the four New York City boroughs outside of Manhattan. The residents and businesses in Queens are strong and resilient, having been recently tested by the Great Recession and Superstorm Sandy.

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Throughout our nation’s history, NYC has been a magnet for immigrants from other countries seeking religious and political freedoms and economic opportunities.

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Five years after the bankruptcy of Lehman Brothers, Wall Street has made an impressive comeback. The industry is adapting to regulatory reforms and other challenges, and has been profitable for four consecutive years (including the three best years on record).

On June 27, 2013, the City of New York submitted to the Financial Control Board a four-year financial plan (“the June Plan”) based on the adopted budget for FY 2014, which began July 1, 2013. The FY 2014 budget is balanced and maintains services at current levels without raising taxes. Although the June Plan projects modest budget gaps in future years, the City has yet to reach new labor agreements with its unions.

The Bronx has come a long way since the 1970s. Both public and private investments have helped create new businesses, which in turn have generated thousands of new jobs. More recently, as the economic environment has improved, private investment has accelerated in the Bronx.

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This report is the third issued by the Office of the State Comptroller since 2009 concerning affordable housing in New York City.