REPORT: The State of the City’s Economy and Finances

Here’s what you need to know. Dear New Yorkers, The Office of the Comptroller’s annual landmark report, [The State of the City’s Economy and Finances]( is here. This comprehensive report summarizes New York City’s economic and fiscal outlook for the upcoming year, as City government prepares to begin its annual budget process in early 2024. For everyday New Yorkers, I hope this report provides a realistic snapshot of the City’s economy. [REPORT: State of the City’s Economy and Finances]( Don’t have time to read an entire economic report? :-) Here’s what you need to know about 2023’s State of the City’s Economy and Finances: - New York City’s economy is stable, following the pandemic-induced recession and the uncertainty of just one year ago. Jobs are back above pre-pandemic levels. - Still, there are big out-year budget gaps. We’ll need stronger management from City Hall to close these gaps without gutting core services — like libraries, CUNY, parks programs, and more. - We can control costs in areas like overtime spending, rather than cutting vital public programs. And a modest state-level revenue increase on the very highest earning households will allow NYC to continue social programs like 3-K and Summer Rising. In addition to our analysis of the overall economy, my office also published findings on New York City’s spending on [asylum seekers](. The most economically productive way to reduce shelter costs isn't to displace homeless families. Instead, we should expand access to legal services, case management, and workforce development that will help new arrivals obtain work authorization and employment as a path out of shelter. A newly-opened clinic that helps process the estimated 15,000 recently eligible Temporary Protective Status (TPS) applications in partnership of the City, State, and Federal government is a promising model to build upon. [View the State of the City’s Economy and Finances report.]( Here’s to a thriving economy, Brad [Facebook]( [Twitter]( [Link]( [New York City Comptroller's Office]( Copyright © 2023 New York City Comptroller's Office, All rights reserved. Our mailing address is: 1 Centre Street, New York, NY 10007 Want to change how you receive these emails? You can [update your preferences]( or [unsubscribe from this list](.