New York Comptroller Reviews New York City's Financial Plan
Citations: Report 2-2021
SUMMARY BY TAX ANALYSTS
New York State Comptroller Thomas DiNapoli (D) published a review of New York City's financial plan covering fiscal 2021 through 2024, noting that while the city is projecting a balanced budget for fiscal 2021, it is forecasting a 14.1 percent drop in non-property tax collections in the current fiscal year and a $4.2 billion budget gap for fiscal 2022 because of COVID-19; personal income tax, sales tax, business tax, real estate tax, general property tax, and hotel tax collections are all expected to be lower than previous estimates.
The comptroller also issued a press release about the report.