New York Comptroller Reviews New York City's Financial Plan

New York State Comptroller Thomas DiNapoli (D) published a review of New York City's financial plan covering fiscal 2021 through 2025, noting that the city's tax collections are expected to drop 1 percent in fiscal 2021, but then grow at an average annual rate of 2.7 percent during fiscal 2022 through 2025; the city does not expect its property taxes to return to pre-COVID-19 levels during the financial plan period, although non-property taxes are projected to recover by fiscal 2023, with personal income tax and business tax receipts likely to offset the drop in revenue from sales, hotel, and transaction taxes in the near term.

The comptroller also issued a press release about the report.