NYC’s Economic Health Reflected in Rising Tax Receipts
Cash balances in New York City’s Fiscal Year 2023 (FY23) that ended June 30, 2023 averaged $11.122 billion, or about 48% higher compared to $7.524 billion during the same period in 2022 according to the recently released report by the New York City Comptroller’s Office. In contrast, cash-on-hand of $8.159 billion at the start of the fiscal year was about 4% lower year-over-year than the $8.469 billion last year. City collections of $127.999 billion in revenues versus $123.77 billion of incurred expenditures resulted in a net gain of $4.228 billion; and on April 21st, the city’s cash balance reached its highest amount on record of $18.699 billion. Tax receipts of $74.6 billion were $3.3 billion more than in FY22, fueled by strong property sales and sales taxes, unexpectedly high banking tax receipts from audits, and growth in the leisure and hospitality sector. From September 1st through December 29th, the city’s cash balances are projected to remain high. Rising expenditures associated with housing and providing services to over 58,000 asylum seekers currently in shelters and humanitarian emergency response and relief centers are also a forecast assumption, with overall cash flow balances during the next four months estimated to average $8.122 billion, or about 21% higher year-over-year compared to the $6.691 billion in 2022.