NYC Comptroller Report: NYC Quarterly Cash Report | Q3 FY 2022

By the end of the 3rd quarter (March 2022) of FY22, New York City had $8.961 billion in cash, the figure increasing from the $6.513 billion on hand at the beginning of the quarter (January 2022); however, the quarter-end figure was $3.11 billion lower year-over-year. Higher tax collections in April and May 2022 are driving 4th quarter 2022 cash balances higher, which averaged $6.908 billion in Q3, about 25.5% less than the $9.278 billion during Q3 2021. Revenue and expenditures reached the highest amount on record in Q3, the city recording $30.977 billion and $28.529 billion in revenue and expenditures respectively; and while the city benefited from higher business, personal income, sales, and real estate transactions, at the same time, personnel expenditures rose and non-personnel expenditures increased significantly.

The $8.469 billion of cash-on-hand at the beginning of FY22 (July 2021) was 27.8% higher than the $6.627 billion in July 2020; and during the first nine months of FY22, a total of $85.829 billion in revenues was collected and $85.337 billion in expenditures was incurred, for a net gain of only $492 million versus $5.445 billion during the same period last year, in part due to payment of deferred social security taxes on January 3, 2022 pushing FYTD22 expenditures higher. Year-over-year, receipts rose 6.5%, while expenditures increased more sharply by 13.5%. In addition, from July 2021 through March 2022, eligible capital expenditures significantly exceeded capital transfers, resulting in a net drain to the Central Treasury.