NYC Comptroller’s Office Releases the Popular Annual Financial Report FY 2022
The Popular Annual Financial Report, which “aims to give New Yorkers insight into the finances of The City of New York, including the state of the local economy, and how public dollars are spent to provide city services,” was recently released for FY 2022 by the New York City Comptroller’s office. An overview of the city’s economy in 2022 reveals that while much of the city’s economy has recovered from the impact of the COVID-19 pandemic, lasting changes in its wake to patterns of remote work and New York City office use will remain a challenge for the city’s economy going forward. Revenues in FY 2022 increased — program revenues of $37.7 billion rose by approximately $3.2 billion from FY 2021, and general revenues of $69.9 billion were approximately $133 million higher from FY 2021. Expenses also rose during the same period, the approximately $97.4 billion in primary government expenditures was an increase of close to $2.6 billion from FY 2021. A snapshot of statistics on the city’s budget as well as private employment and the city’s residential rental, office, and hotel sectors are among the additional sections of information provided within the report.