NYC Has Seen Record High Cash Balances in FY23

According to the New York City Comptroller’s recently released New York City Quarterly Cash Report for Q3 FY 2023 (January – March 2023), the city’s continued economic rebound since the pandemic has “led to year-over-year increases in tax receipts, with nearly all categories surpassing pre-pandemic levels.” The cash balance of $15.643 billion at the end of FYTD23 includes $1.945 billion in the Revenue Stabilization Fund (RSF), the city’s rainy-day fund. At the end of FYTD23, the city saw a net gain in revenue of $7.483 billion. Although total expenditures (includes capital expenditures) of $86.908 at the end of FYTD23 increased 1.8% from the same period last year, the increase was offset by the sharper 10% increase in collected revenues of $94.391 billion. During the next four months (June through September 2023), the NYC Comptroller’s Office projects the city’s cash balances will average $13.368 billion, compared to $9.200 billion during the same time in 2022. However, balances are projected to begin to gradually decline in FY 2024 from the projected continued highs in the near term.

Source:    https://comptroller.nyc.gov/reports/new-york-city-quarterly-cash-report/

Source:  https://comptroller.nyc.gov/reports/new-york-city-cash-balance-projection/