re: July economic report

New York by the numbers   No. 91 - July 9, 2024 New York by the Numbers Monthly Economic and Fiscal Outlook [READ MORE]( Photo Credit: John McAdorey/Shutterstock   A Message from the Comptroller Dear New Yorkers, I hope your 4th of July holiday weekend was a good chance to get started on your summer beach reading! In case that didn’t include reading New York City’s Fiscal Year 2025 budget agreement, we’ve got a summary here (and we’ll have a deeper dive next month). Thanks to City Council leadership and broad public outcry, the agreement restores critical funding to our public libraries and cultural institutions that the Mayor had proposed to cut, and it adds significant new funding for affordable housing. Unfortunately, this budget—and the process that Mayor Adams followed to advance it—still fails to provide the long-term fiscal responsibility, transparency, and future-focused investments in that our city’s future demands. Neither the Mayor’s budget, nor his hastily convened Charter Revision Commission, take steps to establish clear policies for the City’s Rainy Day Fund, get control of claims against the City (which cost over $1 billion annually), provide transparency into whether proposed efficiencies are actually realized, or pay the City’s vendors on time — steps we called for in “[A Stronger Fiscal Framework for NYC]( While the Administration made modest inroads in funding chronically under-budgeted items, the financial plan continues the longstanding tradition of underfunding known expenses, underestimating fiscal gaps, and clouding the City’s financial picture. Making cuts early in the budget cycle, only to restore them at the end, without looking at longer term savings and efficiencies, does not provide the strong fiscal framework we need. And while the Council secured significant restorations for early childhood programs, the agreement fails to fully fund universal 3K and PreK. CUNY, the city’s best vehicle for upward social mobility, has been hit with over $75 million in annual budgets cuts during this administration. Our Spotlight this month — July is Disability Pride Month — looks at disability and employment in NYC. We find that the percentage of working-age New Yorkers with a disability increased during the pandemic, possibly as a result of long Covid. While remote work offers the possibility of increased opportunities for people with disabilities, we have such a long way to go to achieve the vision of the Americans with Disabilities Act, passed 34 years ago this month. Removing barriers to work is critical for the 7.6% of working-age New Yorkers with a disability… and generates better workplaces for all of us. Brad Lander   Table of Contents - [The U.S. Economy]( - [New York City Economy]( - [City Finances]( [View the July Newsletter](   Spotlight Disability and Employment in NYC July is Disability Pride Month, marking the anniversary of the Americans with Disabilities Act, which was signed into law in July 1990. For our Spotlight this month, we dig into the data to examine how New Yorkers with disabilities are faring in the workplace, and how that was impacted by the Covid-19 pandemic. [View the Spotlight](     In Case You Missed It Over the past month, the Office of Comptroller released the following announcements on the state of NYC’s economy and finances: - [Statement from NYC Comptroller Brad Lander on the FY25 Adopted Budget]( - [NYC Comptroller Lander & Pension Trustees Celebrate Dismissal of Lawsuit Challenging Fossil Fuel Divestment by New York City Pension Funds]( - [Fiscal Note: “Comparable Rentals:” A Review of the Impact of the New York State Requirement that NYC Assess Co-ops and Condos by Comparing Them to Comparable Rental Buildings]( - [NYC Comptroller Lander & Coalition of Legal Experts and Potential Plaintiffs Announce Plan to Explore Legal Avenues to Resume Congestion Pricing]( - [Testimony of New York City Comptroller Brad Lander Before the Charter Revision Commission on New Fiscal Framework Proposal]( - [NYC Comptroller Sues Building Services Contractor for 421-a Prevailing Wage Violations at Two Apartment Complexes]( - [Statement from Comptroller Lander and Investors on Supreme Court Ruling in Starbucks Corp. v. McKinney]( - [NYPD’s ShotSpotter Gunshot-Detection System Overwhelmingly Sends Officers to Locations Where No Confirmed Shooting Occurred, New Audit Uncovers](   [Facebook]( [Twitter]( [Instagram]( [Office of the New York City Comptroller Brad Lander]( Office of the New York City Comptroller Office of New York City Comptroller Brad Lander 1 Centre Street New York, NY 10007 United States   This email was sent to {EMAIL}. If you wish to no longer receive these messages, please unsubscribe. [unsubscribe](