NYC’s Economy Showed Continued Pandemic Recovery According to Comptroller’s Latest Quarterly Cash Report

The latest quarterly cash report released by the New York City Comptroller’s office reveals “strong revenue growth” during the first half of fiscal year 2023 (1H23). Beginning FY 2023 with $8.159 billion in cash-on-hand, New York City’s cash balances during 1H23 averaged $8.126 billion, representing an 11.7% year-over-year increase over the $7.274 billion average in 1H22. Both receipts and expenditures during the six month period were the highest on record, totaling $57.402 billion and $57.276 billion respectively. Strong personal income and sales tax collections, solid business tax receipts, and growth in the hospitality and tourism sectors significantly contributed to the 4.6% year-over-year increase in revenue growth; while the 0.8% growth in expenditures is “mostly attributed to the higher spending on public assistance and other social services, vendor payments, and capital projects. At the end of 1H23, the city’s cash balance stood at $8.285 billion, the highest balance since 1H20; and includes $1.954 billion in the Revenue Stabilization Fund (RSF) — the city’s rainy-day fund, of which $1.455 billion were allocated to the RSF in fiscal year 2022.