DiNapoli: City must prepare for tough economic times
Recession, financial turmoil are possible
Total revenue for New York City’s budget is expected to drop by 9.4 percent to $101.1 billion in Fiscal Year (FY) 2023 amid lower tax revenue and a decline in federal aid.
The city faces sustained challenges from a possible recession, federal monetary policy and turmoil in the financial markets, according to a report on the city’s FY 2023 financial plan released Wednesday by State Comptroller Thomas P. DiNapoli.
“The city’s adopted budget reflects both extraordinary efforts by the federal government to boost the economy over the last two years and an economic slowdown due in part to unanticipated factors,” DiNapoli said. “Higher revenues in Fiscal Year 2022 allowed the city to build reserves and other budgetary cushions, but many of the questions plaguing the city’s economy remain out of its control.”