HomeMy WebLinkAboutCity of New York - Public Financial ReportOffice of the New York City Comptroller Scott M. Stringer 1
For the Fiscal Year Ended June 30, 2021
The City of New York
Popular Annual Financial Report
1 Centre Street, New York, NY 10007 • Phone: (212) 669-3500 • www.comptroller.nyc.gov
@nyccomptroller facebook.com/scottstringernyc @nyccomptroller
Office of the New York City Comptroller Scott M. Stringer 0
Office of the New York City Comptroller Scott M. Stringer 1
Contents
Popular Annual Financial Report Fiscal Year 2021 ........................ 2
A Message from the New York City Comptroller ................... 2
Awards ........................................................................................ 3
Popular Annual Financial Report .......................................... 3
Annual Financial Report ....................................................... 3
Overview of the City’s Economy in 2021 ...................................... 4
COVID-19 Response and Recovery Expenditures .......................... 6
What Makes Up the City’s Primary Government? ........................ 8
Revenues: Where does the money come from? ........................... 9
Program Revenues – Primary Government ........................... 9
General Revenues – Primary Government .......................... 10
Expenses: Where does the money go? ....................................... 11
Expenses – Primary Government ....................................... 11
The Budget – General Fund ........................................................ 13
Budget Roadmap…………….. ............................................... 13
Budget and Actual – General Fund Revenues ..................... 14
Budget and Actual – General Fund Expenditures ................ 16
Discretely Presented Component Units ..................................... 18
Discretely Presented Component Units Revenues .............. 18
Discretely Presented Component Units Expenses ............... 19
Capital Projects .......................................................................... 20
Benchmarks: How do we compare? ........................................... 21
The Importance of Bond Ratings ........................................ 21
Borough-Wide Statistical Information ....................................... 22
Things to Know .......................................................................... 23
Checkbook NYC………………… ................................................. 23
Services for the Public and Businesses ................................ 23
Accounting Terms ...................................................................... 24
Our Elected Officials .................................................................. 25
The Government of The City of New York .................................. 26
Acknowledgements ...................................................................................................................................................... 28
The City of New York, New York | Popular Annual Financial Report FY 2021 2
Popular Annual Financial Report Fiscal Year 2021
A Message from the New York City Comptroller
I am pleased to present the seventh New York City Popular Annual Financial
Report (PAFR), the last of my administration. Transparency and
accountability must be at the heart of government operations, and I am proud
that my team at the Comptroller’s Office has worked so diligently to give all
New Yorkers unprecedented insight into the operations and finances of their
government through this document. I want to extend my appreciation to our
agency staff for their work in creating this pioneering tool, which, since its
inception in 2015, has won numerous awards for its clarity and concision.
The PAFR is meant to condense and consolidate crucial financial information
otherwise presented in our 500-page Annual Comprehensive Financial
Report (ACFR). This year’s report tells the story of New York City’s continued
economic recovery from the worst days of the COVID-19 pandemic, which
continues to impact all of us profoundly and has tested the strength of our
governmental operations in unprecedented ways. From parks to schools, and
hospitals to roads, New Yorkers have a new appreciation for the importance
of governmental operations and the allocation of their tax dollars, and my
hope is that this PAFR will give readers a high-level, up-to-date picture of the
City’s finances during this crucial time in our shared history.
As my term as Comptroller concludes, I am as hopeful as ever about the
City’s long-term fiscal outlook and health. I know the Comptroller’s Office,
thanks to its dedicated and infinitely capable staff, will continue to serve as a
bastion of transparency and fiscal responsibility.
It has been the honor of my professional life to serve as New York City’s
Comptroller and to do my part to better the financial well-being of the City and
its residents.
Please stay safe and be well.
Sincerely,
Office of the New York City Comptroller Scott M. Stringer 3
Awards
Popular Annual Financial Report
The Government Finance Officers Association of the
United States and Canada (GFOA) awarded The City
of New York the Award for Outstanding Achievement
in Popular Annual Financial Reporting for its Popular
Annual Financial Report (PAFR) for the Fiscal Year
ended June 30, 2020. The City of New York has
received this national award for the last six
consecutive fiscal years. The award recognizes
conformance with the highest standards for
preparation of state and local government popular
reports. In order to receive the award, a governmental
unit must publish a PAFR whose contents conform to
program standards of creativity, presentation,
understandability, and reader appeal. The report
must satisfy both generally accepted accounting
principles and applicable legal requirements. We
believe our PAFR continues to meet the Award for
Outstanding Achievement Program’s requirements,
and we are submitting it to the GFOA for
consideration. The PAFR is a summary of the Annual
Comprehensive Financial Report (ACFR) for the year ended June 30, 2021. The financial data in the PAFR
derive from the more detailed ACFR.
Annual Financial Report
In addition to receiving the Award for Outstanding Achievement for its PAFR, The City of New York’s ACFR
for the Fiscal Year ended June 30, 2020, was awarded the Certificate of Achievement for Excellence in
Financial Reporting by the GFOA for the 41st consecutive year. The Certificate of Achievement is the
highest form of recognition for excellence in state and local government financial reporting. In order to be
awarded a Certificate of Achievement, a government unit must publish an easily readable and efficiently
organized ACFR whose contents conform to program standards. We believe our ACFR continues to
conform to the Certificate of Achievement program requirements, and we are submitting it to the GFOA to
determine its eligibility for another certificate.
Both awards are valid for a period of one year only. The PAFR and the ACFR are consistent with
generally accepted accounting principles (GAAP) and the guidelines established by the Government
Accounting Standards Board (GASB), and available on the Comptroller’s Website
at https://comptroller.nyc.gov.
The City of New York, New York | Popular Annual Financial Report FY 2021 4
Overview of the City’s Economy in 2021
The New York City economy began the fiscal year still reeling from the dramatic recession brought about
by the COVID-19 pandemic. Private employment stood at 3.36 million in July 2020, and the unemployment
rate was 18.5 percent. As office workers had transitioned to remote work, unemployment was concentrated
among lower-wage workers who had been providing in-person goods and services prior to the pandemic.
New York City Private Jobs & Unemployment Rate (Seasonally Adjusted)
Source: New York Department of Labor, employment data seasonally adjusted by the New York City Office of Management and
Budget
The economy gradually reopened through the summer and fall with employment rising and the
unemployment rate declining. The jobs recovery paused through the winter months, as a winter COVID
surge brought indoor dining to a temporary halt and more New Yorkers stayed home. Recovery resumed
in the spring and into the summer of 2021, as vaccinations helped bring the pandemic under control.
The fiscal year ended with seasonally adjusted private employment at 3.59 million (an increase of 309,100
from June 2020) and the unemployment rate at 10.6 percent. Despite these improvements, private
employment remains well below the pre-pandemic February 2020 peak of 4.1 million, and the
unemployment rate remains well above the pre-pandemic rate of 3.7 percent – as well as above the 5.9
percent national rate in June 2020.
While many sectors of the New York City economy recovered through the fiscal year as the pandemic
waned, New York City’s office market did not. Most office workers continued to work remotely, and New
York City office vacancy rose from 102 million square feet at the start of the fiscal year to 128 million square
feet at the end. Rising vacancies drove average asking rents down from $66.99 per square foot at the start
of the fiscal year, to $65.36 per square foot at the end.
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Office of the New York City Comptroller Scott M. Stringer 5
New York City Office Market - Available Square Footage and Average Asking Rents
Source: CoStar
Although no one knows how many or how long office workers will continue to work from home, or on a
hybrid schedule, any permanent transition to remote work will delay a full New York City economic recovery
and impact the City financially. New York City property tax revenues depend greatly on the values of office
buildings, values that are undermined by higher vacancy rates and lower rents. Similarly, New York City’s
public transportation systems rely upon commuting workers to pay fares; and the many New York City
businesses that struggled and closed as office workers stayed home are unlikely to reopen or be replaced
until those workers return. Even though the fiscal year data paints a bleak picture, more recent data suggest
the office market is stabilizing. CoStar, a leading provider of information, analytics, and marketing services
to the commercial property industry, predicts office rents will begin to recover in calendar year 2022.
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The City of New York, New York | Popular Annual Financial Report FY 2021 6
COVID-19 Response and Recovery Expenditures
The outbreak of the coronavirus disease (COVID-19) in the City in March 2020 compelled the City to
implement emergency response measures to combat the pandemic. The effort to combat the pandemic
extended into Fiscal Year 2021. With the rollout of COVID-19 vaccines towards the end of 2020 and the
subsequent drop in infection rate, along with Federal stimulus to provide fiscal relief to local governments,
the City’s response to the pandemic in the second half of the fiscal year included initiatives to recover from
the pandemic, including vaccination efforts, restorations of previous budget cuts, and initiatives to aid small
businesses and boost the local economy. In total, the City spent about $6.2 billion on these efforts in Fiscal
Year 2021.1
1 This figure includes expenditures classified as COVID-19–related in Fiscal Year 2021 in the General Fund budget.
Citifield/Ron Adar - Shutterstock
Office of the New York City Comptroller Scott M. Stringer 7
Summary of Citywide COVID-19 Response and Recovery Spending2
Agency Total Spent Percentage (%) Description3
NYC Health and Hospitals Corporation $1,756,774,988 28.2% Testing and tracing, vaccines.
Department of Homeless Services 962,276,811 15.4% Homeless intake, street programs.
Department of Sanitation 638,282,641 10.2% Food delivery services, collection and
cleaning.
Department of Education 584,408,356 9.4% Teacher's salaries, remote learning, community meals.
Department of Health and Mental Hygiene 537,072,145 8.6%
Epidemiology and Laboratory
Capacity (ELC), COVID-19 Point of Dispensing (PODs), vaccination,
public service information.
Department of Citywide Administrative Services 434,549,740 7.0%
Personal Protective Equipment (i.e. gloves, gowns, masks, hand sanitizer), ventilators, respiration equipment, test kits.
Department of Emergency Management 241,575,843 3.9% Emergency response, vaccine command centers.
Department of Social Services 222,118,499 3.6% COVID-19 recovery rental assistance, food support.
Department of Information Technology and Telecommunications 205,490,261 3.3% Computer hardware, radio and telephone equipment.
Department of Youth and Community Development 141,121,064 2.3% Educational and recreational youth programs.
Fire Department 128,742,310 2.1% Uniformed personnel salaries and overtime, vaccine cost.
Department of Design and Construction 99,570,197 1.6% Testing facilities.
All Other Agencies 287,955,338 4.4%4 Other
TOTAL $6,239,938,193 100.0%
2 The table provides a summary of what makes up almost 95.6 percent of the spending. The remaining 4.4 percent of the spending
is allocated across 34 different agencies.
3 Description provides a summary of items that constitute a majority of the agencies’ spending.
4 Includes rounding adjustment.
The City of New York, New York | Popular Annual Financial Report FY 2021 8
What Makes Up the City’s Primary Government?
The Primary Government is made up of various City agencies and other entities established to perform the
City’s core functions and duties for its citizenry. Component Units that are operationally codependent upon
the primary government are in substance the same as the primary government and are included, or
Blended, into the primary government. In addition to governmental activities, which account for services
provided to the City residents, the primary government comprises a Component Unit distinction known as
Business-Type Activities. The Business-Type Activities distinction accounts for fee-based services that the
City provides to third parties.
When comparing the revenues and expenditures presented in the Governmental Fund financial statements
to the revenues and expenses recorded for the primary government within the statement of activities in the
ACFR, the differences that exist are due to the different methods of accounting used to prepare these
statements. Financial reporting for the primary government within the statement of net position of the ACFR,
is designed to provide readers with a broad, long-term, overview of the City’s finances in a manner similar
to a private-sector business. The primary government’s long-term focus calls for the recording of both
assets and liabilities that exceed one year. In contrast, the Governmental Fund financial statements that
are contained in the ACFR are limited to reporting on near-term resources, similar to the City’s budget; its
near-term focus emphasizes the recording of liabilities that are expected to be due and assets that are
available to be used within the year.
The programs and functions listed are funded by two major sources: Program Revenues, including grants,
(see page 9) and General Revenues (page 10). Program revenues are collected and available for their
respective programs and functions. General revenues are available to be used for any program or function
and is mostly composed of tax revenues. Throughout this report, underlined accounting terms are defined
on page 24.
City Hall Park Manhattan/Shutterstock
Office of the New York City Comptroller Scott M. Stringer 9
Revenues: Where does the money come from?
Program Revenues – Primary Government
In Fiscal Year 2021, program revenues were approximately $34.5 billion. Education had the most program
revenues, at $13.4 billion, followed by general government, at $7.6 billion, and social services, at $5.3
billion. Program revenues increased in Fiscal Year 2021 by approximately $2.2 billion from Fiscal Year
2020. Among the major components of the program revenue increases were operating grants and
contributions, which increased due to funding from the Federal government provided to aid the City’s
COVID-19 response and relief efforts and economic recovery.
Program Revenues FY 2021 FY 2020 FY 2019
Category (in millions)
General Government $7,566 $5,923 $3,940
Public Safety and Judicial 1,155 1,322 1,066
Education 13,429 13,490 13,772
City University 580 612 662
Social Services 5,282 4,899 5,442
Environmental Protection* 1,768 1,722 1,560
Transportation Services 1,705 1,812 1,762
Parks, Recreation and Cultural Activities 133 120 116
Housing 1,056 1,123 1,068
Health 1,744 1,079 940
Libraries - 2 -
Total Governmental Activities $34,418 $32,104 $ 30,328
Total Business-Type Activities** 35 165 78
Total Program Revenues - Primary Government $34,453 $32,269 $ 30,406
* Includes payments to The City for costs of the New York City Water and Sewer System from water and sewer rate payments.
** Business-Type Activities refers to the following entities: Brooklyn Bridge Park, Trust for Governor’s Island, World Trade Center Captive Insurance Company, Inc., and Tax Lien Trusts. Please refer to the Fiscal Year 2021 ACFR for additional information regarding the goods and services provided by these entities.
The City of New York, New York | Popular Annual Financial Report FY 2021 10
Revenues: Where does the money come from?
General Revenues – Primary Government
In Fiscal Year 2021, general revenues were approximately $69.7 billion, an increase of over $6 billion from
Fiscal Year 2020. Real estate taxes had the most revenues, totaling over $31.4 billion, followed by personal
income taxes at $15.8 billion. The increase in real estate taxes resulted from growth in billable assessed
value during the fiscal year. In addition, personal income taxes increased due to an increase in non-wage
income, resulting from fiscal initiatives taken in response to COVID-19, such as unemployment insurance
enhancements. Other income taxes increased due to an increase in general corporation, financial
corporation, and unincorporated business income taxes. The increase in general corporation taxes was
due to record high profits in the financial industry. There was a substantial increase in financial corporation
taxes due to a significant increase in audits.
General Revenues
General Revenues FY 2021 FY 2020 FY 2019
Category (in millions)
Real Estate Taxes (RET) $31,421 $29,618 $28,081
Sales and Use Taxes (SUT) 7,614 8,443 9,111
Personal Income Taxes (PIT) 15,795 13,738 13,480
Income Taxes, Other (ITO) 9,499 7,226 7,307
Other Taxes* (OT) 2,755 3,310 3,813
Investment Income* (II) 226 296 427
Unrestricted Federal and State Aid (UFSA) 108 259 401
Other* (O) 2,305 763 597
Total General Revenues - Primary Government $69,723 $63,653 $63,217
*Includes Business-Type Activities General Revenues
$0
$5,000
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Office of the New York City Comptroller Scott M. Stringer 11
Expenses: Where does the money go?
Expenses – Primary Government
Fiscal Year 2021 expenses were approximately $94.9 billion, a decrease of close to $5.1 billion from Fiscal
Year 2020. Education and public safety and judicial expenses decreased primarily due to a decrease in
pension expenses. Reduction of pension expense is attributed to the increase of the related net investment
income. City University of New York (CUNY) expenses decreased due to decreases in community college
expenditures, enrollment, part-time workers, and reduced other than personnel services expenditures
driven by the effect of the COVID-19 pandemic. Social Services expenses decreased due to a decrease in
Department for the Aging expenditures resulting from the closure of senior centers during the pandemic.
Health expenses increased due to an increase in Department of Health and Mental Hygiene and Health +
Hospitals Corporation expenditures as a result of City initiatives to respond to COVID-19.
Expenses
Expenses FY 2021 FY 2020 FY 2019
Category (in millions)
General Government (GG) $8,197 $6,841 $6,547
Public Safety and Judicial (PSJ) 17,798 19,769 21,348
Education (E) 30,760 36,607 34,680
City University (CU) 1,142 1,275 1,319
Social Services (SS) 16,354 16,690 16,924
Environmental Protection (EP) 4,796 4,715 4,503
Transportation Services (TS) 2,871 2,763 3,222
Parks, Recreation and Cultural Activities (PK) 1,231 1,257 1,429
Housing (H) 2,666 2,598 3,069
Health (HE) 5,464 3,475 3,601
Libraries (L) 449 413 487
Debt Service Interest (DSI) 2,923 3,154 3,159
Business-Type Blended Component Unit (BTBCU) 200 349 279
Total Expenses - Primary Government $94,851 $99,906 $100,567
$0
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GG PSJ E CU SS EP TS PK H HE L DSI BTBCU
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The City of New York, New York | Popular Annual Financial Report FY 2021 12
Manhattan/Shutterstock
Office of the New York City Comptroller Scott M. Stringer 13
The Budget – General Fund
Budget Roadmap
This Budget Roadmap is designed to help New Yorkers and others to understand the City's budget process.
The New York City budget is the place where many of the City’s policy decisions are made and where
policy objectives are articulated and implemented in concrete terms. The scope of the budget includes all
of the City government’s revenues and expenditures.
By January the New York City
Independent Budget Office
releases its Fiscal Outlook
report on expected levels of
revenues and expenditures
for the upcoming fiscal year. By January 16th, the
Mayor releases the
Preliminary Budget,
proposed operating and
capital expenditures, and
forecast of revenues for
the upcoming fiscal year,
plus three subsequent
years. The City Council
holds budget hearings
with City agencies and
the public.
By April 26th, the Mayor
presents The City Council
with the Executive Budget
— a revised budget proposal
for the upcoming year
and a complete financial plan
for the next three years. The
City Council again holds
budget hearings and begins
negotiations with the Mayor.
*The Adopted Budget
establishes the starting
point for the fiscal year
and becomes a blueprint
for how the City government
spends money. The Adopted
Budget covers one fiscal
year, which in New York
City begins on July 1st
of each year and ends
on June 30th of the
following year.
By June 5th, The City
Council completes
negotiations with the
Mayor and then votes to
adopt a budget that will
serve as the basis of
government operations for
the upcoming fiscal year.
*The Adopted Budget becomes a Modified Budget as revenue projections change or expenditures are reallocated during the fiscal year.
Source: New York City Independent Budget Office
The City of New York, New York | Popular Annual Financial Report FY 2021 14
Budget and Actual – General Fund Revenues
The General Fund is the main operating fund of the City. It is used to account for all financial resources not
accounted for and reported in other funds, such as the Capital Projects Fund or the Debt Service Fund.
General Fund revenues, as listed below, include tax revenues, federal and state aid (except aid for capital
projects), and operating revenues. Revenue budgets help management set financial goals and assist
management in planning for future needs and allocation of resources.
Budget and Actual – General Fund Revenues Fiscal Year 2021
General Fund Revenues Fiscal Year 2021 (in millions)
Category Adopted Budget Modified Budget Actual Revenue
Better (Worse) Than Modified Budget
Real Estate Taxes (RET) $30,852 $31,108 $31,464 $356
Sales and Use Taxes (SUT) 7,459 7,463 7,603 140
Personal Income Tax (PIT) 11,671 15,023 15,140 117
Income Taxes, Other (ITO) 5,361 8,311 8,594 283
Other Taxes (OT) 3,299 2,600 2,732 132
Federal, State and Other Categorical Aid (FSOCA) 23,570 31,134 28,093 (3,041)
Unrestricted Federal and State Aid (UFSA) - 1 1 -
Charges For Services (CFS) 2,985 2,869 2,798 (71)
Investment Income (II) 12 14 15 1
Other (O) 2,001 2,553 2,743 190
Total General Fund Revenues $87,210 $101,076 $99,183 ($1,893)
$0
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$35,000
RET SUT PIT ITO OT FSOCA UFSA CFS II O
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Modified Budget Actual Revenue
Office of the New York City Comptroller Scott M. Stringer 15
Budget and Actual – General Fund Revenues Fiscal Year 2020
General Fund Revenues Fiscal Year 2020 (in millions)
Category Adopted Budget Modified Budget Actual Revenue
Better (Worse) Than Modified Budget
Real Estate Taxes (RET) $29,785 $29,696 $29,816 $120
Sales and Use Taxes (SUT) 9,359 8,439 8,478 39
Personal Income Tax (PIT) 13,367 13,300 13,591 291
Income Taxes, Other (ITO) 6,432 7,359 7,862 503
Other Taxes (OT) 4,478 3,277 3,342 65
Federal, State and Other Categorical Aid (FSOCA) 23,286 27,585 25,693 (1,892)
Unrestricted Federal and State Aid (UFSA) - 253 11 (242)
Charges For Services (CFS) 2,789 2,924 2,855 (69)
Investment Income (II) 235 138 137 (1)
Other (O) 1,991 2,554 2,833 279
Total General Fund Revenues $91,722 $95,525 $94,618 ($907)
$0
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$10,000
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$20,000
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Modified Budget Actual Revenue
The City of New York, New York | Popular Annual Financial Report FY 2021 16
Budget and Actual – General Fund Expenditures
The General Fund is the main operating fund of the City. It accounts for all uses of financial resources not
accounted for and reported in other funds, such as the Capital Projects Fund or the Debt Service Fund.
The General Fund accounts for all expenditures in the Expense Budget that provide for the City’s day-to-
day operations. The expense budget helps management set financial goals and review actual performance
against these goals.
Budget and Actual – General Fund Expenditures Fiscal Year 2021
General Fund Expenditures Fiscal Year 2021 (in millions)
Category Adopted Budget Modified Budget Actual Expenditure
Better (Worse) Than Modified Budget
General Government (GG) $3,406 $4,918 $4,429 $489
Public Safety and Judicial (PSJ) 9,537 10,536 10,548 (12)
Education (E) 27,550 28,481 28,288 193
City University (CU) 1,196 1,162 1,060 102
Social Services (SS) 14,551 16,232 15,475 757
Environmental Protection (EP) 3,123 3,806 3,697 109
Transportation Services (TS) 1,976 1,999 1,971 28
Parks, Recreation and Cultural Activities (PK) 579 634 619 15
Housing (H) 1,213 1,366 1,298 68
Health (HE) 2,793 4,915 4,554 361
Libraries (L) 426 423 423 -
Pensions (P) 9,820 9,353 9,334 19
Judgments and Claims (JC) 727 618 618 -
Fringe Benefits and Other Benefit
Payments (FOBP) 4,027 6,949 6,846 103
Lease Payments For Debt Service (LPDP) 125 98 97 1
Other (O) 2,187 1,082 1,847 (765)
Total General Fund Expenditures $83,236 $92,572 $91,104 $1,468
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
GG PSJ E CU SS EP TS PK H HE L P JC FOBP LPDP O
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Modified Budget Actual Expenditure
Office of the New York City Comptroller Scott M. Stringer 17
Budget and Actual – General Fund Expenditures Fiscal Year 2020
General Fund Expenditures Fiscal Year 2020 (in millions)
Category Adopted Budget Modified Budget Actual Expenditure
Better (Worse) Than Modified Budget
General Government (GG) $3,762 $4,829 $4,541 $288
Public Safety and Judicial (PSJ) 10,010 10,805 10,791 14
Education (E) 27,223 28,015 27,903 112
City University (CU) 1,191 1,184 1,116 68
Social Services (SS) 15,474 16,114 15,631 483
Environmental Protection (EP) 3,057 3,456 3,379 77
Transportation Services (TS) 1,862 1,950 1,932 18
Parks, Recreation and Cultural Activities (PK) 684 671 658 13
Housing (H) 1,204 1,343 1,291 52
Health (HE) 2,441 2,858 2,520 338
Libraries (L) 424 427 427 -
Pensions (P) 9,851 9,674 9,672 2
Judgments and Claims (JC) 712 733 709 24
Fringe Benefits and Other Benefit Payments (FOBP) 6,554 5,492 5,477 15
Lease Payments For Debt Service (LPDP) 126 101 101 -
Other (O) 3,552 1,028 1,701 (673)
Total General Fund Expenditures $88,127 $88,680 $87,849 $831
$0
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GG PSJ E CU SS EP TS PK H HE L P JC FOBPLPDP O
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Modified Budget Actual Expenditure
The City of New York, New York | Popular Annual Financial Report FY 2021 18
Discretely Presented Component Units
Component Units are legally separate organizations for which the City is financially accountable. The
financial data of the following Component Units, which are supported by fees charged for goods or
services, are presented separately (discretely) from the financial data of the primary government. For
further details, access individual NYC Component Units Financial Statements at
https://comptroller.nyc.gov/services/financial-matters/nyc-component-units-financial-statements/.
Discretely Presented Component Units Revenues
Revenues
Discretely Presented Component Units Revenues (in millions) FY 2021 FY 2020 FY 2019
New York City Health and Hospitals Corporation $13,717 $11,799 $10,643
New York City Water and Sewer System 3,930 4,166 4,073
New York City Housing Authority 4,783 4,581 4,484
Other Discretely Presented Component Units
Housing Development Corporation 715 738 628
Economic Development Corporation 930 993 928
Brooklyn Navy Yard Development Corporation 91 105 115
New York City Industrial Development Agency 15 7 97
New York City Business Assistance Corporation 1 1 1
Build NYC Resource Corporation 3 1 3
New York City Land Development Corporation - - -
New York City Neighborhood Capital Corporation 2 1 1
Brooklyn Public Library 188 171 161
The Queens Borough Public Library and Affiliate 183 180 171
The Mayor’s Fund to Advance New York City 18 79 30
Public Realm Improvement Fund Governing Group, Inc. - 1 42
Total Other Discretely Presented Component Units 2146 2,277 2,177
Total Revenues of Discretely Presented Component Units $24,576 $22,823 $21,377
56%
16%
19%
9%
FY 2021
$24.58B 52%
18%
20%
10%
FY 2020
$22.82B 50%
19%
21%
10%
FY 2019
$21.38B
Office of the New York City Comptroller Scott M. Stringer 19
Discretely Presented Component Units Expenses
Expenses
Discretely Presented Component Units Expenses (in millions) FY 2021 FY 2020 FY 2019
New York City Health and Hospitals Corporation $13,178 $11,332 $10,474
New York City Water and Sewer System 4,019 3,973 3,818
New York City Housing Authority 4,138 6,904 3,931
Other Discretely Presented Component Units
Housing Development Corporation 429 438 380
Economic Development Corporation 948 990 815
Brooklyn Navy Yard Development Corporation 100 87 87
New York City Industrial Development Agency 7 9 113
New York City Business Assistance Corporation 1 1 1
Build NYC Resource Corporation 4 3 2
New York City Land Development Corporation - - -
New York City Neighborhood Capital Corporation 1 - -
Brooklyn Public Library 151 168 157
The Queens Borough Public Library and Affiliate 162 178 169
The Mayor’s Fund to Advance New York City 28 67 29
Public Realm Improvement Fund Governing Group, Inc. - - -
Total Other Discretely Presented Component Units 1,831 1,941 1,753
Total Expenses of Discretely Presented Component Units $23,166 $24,150 $19,976
57%
17%
18%
8%
FY 2021
$23.17B 47%
16%
29%
8%
FY 2020
$24.15B 52%
19%
20%
9%
FY 2019
$19.98B
The City of New York, New York | Popular Annual Financial Report FY 2021 20
Capital Projects
New York City funds its capital projects utilizing the Capital Budget. The Capital Budget is separate from
the City’s General Fund Budget, which pays for operating costs, including the salaries of public servants.
The Capital Budget is exclusively used to fund capital projects, such as City construction, purchases of
land, buildings, and equipment. The capital program is generally financed by borrowing money, usually
through the sale of bonds. The table below lists amounts authorized for capital expenditures versus what
the City actually spent on capital projects in Fiscal Year 2021.
While The City Council adopts a Capital Budget each year, the planning and actual expenditure of funds
for capital projects generally occurs over a period of years in accordance with City Charter provisions.
Capital Budget: The final Capital Budget is adopted by The City Council with the Expense Budget.
Spending for individual capital projects may not exceed the amount appropriated in the Adopted Capital
Budget.
Capital Commitment Plan: To track the progress of projects included in the Capital Budget, a Capital
Commitment Plan is issued three times each year. The Commitment Plan is published within 90 days of
the adoption of the Capital Budget (generally by late September) and updated Commitment Plans are
issued in January and April with the Mayor’s budget proposals for future years.
Authorized Expenditures vs Actual Capital Projects Expenditures from Inception to Fiscal Year 2021
$$10 $20 $30 $40 $50 $60 $70 $80
General Government
Public Safety and Judicial
Education
City University
Social Services
Environmental Protection
Transportation Services
Parks, Recreation and Cultural Activities
Housing
Health
Libraries
in billions
Authorized Expenditures from Inception Actual Capital Project Expenditures from Inception
0
Office of the New York City Comptroller Scott M. Stringer 21
Benchmarks: How do we compare?
Benchmarks are used to put financial information into context. Below, our City is compared to Philadelphia and Chicago. “Per Capita” means that the total dollar value is divided by the population for each city. For instance, “Debt per Capita” is the total bonded indebtedness divided by the population. This makes the debt figure relative to the population size of the city.
New York Philadelphia Chicago
Benchmarks – General
Population (2020)* 8,804,190 1,603,797 2,746,388
Tourists, in millions (2020) 22.3 30.0 16.3
Housing Units (2019) 3,546,601 691,653 1,218,078
Median Gross Rent (2015-2019) $1,443 $1,042 $1,112
Median Household Income (2015-2019) $63,998 $45,927 $58,247
Land Area in Square Miles (2010) 302.6 134.1 227.6
Unemployment Rate, not seasonally adjusted (September 2021) 6.8% 5.7% 5.8%
Population per Square Mile (2010) 27,012.5 11,379.5 11,841.8
Park Acres (2021) 40,090 10,905 13,681
Ratio of Population to Uniformed Police Officers (2020) 245:1 266:1 230:1
General Fund Revenues $99,182,509,000 $4,325,486,000 $3,074,181,000
Total Government Funds - revenue per capita $11,830 $4,604 $2,984
Total Government Funds - expenditure per capita $12,966 $4,848 $3,226
Benchmarks – Debt
Total Outstanding Debt - Primary Government $101,040,000,000 $7,953,700,000 $28,339,917,000
Debt per capita $12,120 $5,021 $10,513
City General Bonded Debt Payable - per capita $4,919 $1,217 $2,615
Total net debt applicable to the limit as a percentage of debt limit (percentage of the debt limit utilized) 66.51% 20.17% N/A
Net general obligation debt as a percentage of assessed taxable value of property 14.08% 2.22% 9.06%
General Obligation Bond Ratings**
Standard & Poor's AA A BBB+
Fitch AA- A- BBB-
Moody's Aa2 A2 Ba1
The Importance of Bond Ratings
Good bond ratings save the City money. Bond ratings indicate the general quality of a bond, including the likelihood that investors will receive their money back when they lend it out. Bonds with higher ratings are seen as safer investments, so investors do not demand as much interest to lend money to highly-rated municipalities, such as New York City. Higher bond ratings mean lower interest rates, which save taxpayer dollars.
*2020 population amounts became verifiable post-production of the City’s Annual Comprehensive Financial Report.
**Rating explanations are available on the websites of each rating agency.
Note: On July 12, 2021, Kroll Bond Rating Agency published its initial rating of the NYC General Obligation (GO) bonds at AA+ with a stable outlook.
Sources: New York City FY 2021 Annual Comprehensive Financial Report; Philadelphia FY 2020 Comprehensive Annual Financial Report; Chicago FY 2020 Annual Comprehensive Financial Report; United States Census Bureau; United States Bureau of Labor Statistics (Unemployment rates are measured by metropolitan statistical areas); Office of the New York State Comptroller; Visit Philadelphia; Choose Chicago; The Trust for Public Land; World Atlas. All information provided represents currently available data.
The City of New York, New York | Popular Annual Financial Report FY 2021 22
Borough-Wide Statistical Information
The data below provides a snapshot of the characteristics of each of New York City’s five boroughs –
the Bronx, Brooklyn, Manhattan, Queens, and Staten Island.
Category Bronx Brooklyn Manhattan Queens Staten Island
Population (2020)* 1,472,654 2,736,074 1,694,251 2,405,464 495,747
Population Percent Change (2010-2019) 2.4% 2.2% 2.7% 1.0% 1.6%
Population 65 Years and Over, by Percent (2019) 13.3% 14.4% 17.0% 16.3% 16.7%
Population per Square Mile (2010) 32,904 35,369 69,468 20,554 8,030
Land Area in Square Miles (2010) 42 71 23 109 58
Veteran Population (2015-2019) 25,175 37,191 31,459 42,135 14,964
Foreign-Born Population, by Percent (2015-2019) 35.3% 36.1% 28.7% 47.2% 23.3%
Companies (2012) 135,782 296,858 315,399 265,643 39,645
Median Household Income (2015-2019) $40,088 $60,231 $86,553 $68,666 $82,783
Owner-Occupied Housing Unit Rate (2015-2019) 19.7% 30.1% 24.1% 44.8% 69.3%
Housing Units (2019) 537,232 1,065,399 892,878 869,400 181,751
Median Gross Rent (2015-2019) $1,212 $1,426 $1,740 $1,583 $1,319
Mean Travel Time to Work in Minutes (2015-2019) 45.4 43.0 32.2 44.4 45.2
Households without Internet, by Percent (2015-2019) 24.3% 20.0% 14.8% 16.5% 18.3%
5
* 2020 population amounts became verifiable post-production of the City’s Annual Comprehensive Financial Report.
Source: United States Census Bureau
10 Largest New York City Private Sector Employers by Number of Employees
Employer No. of Employees
1. JPMorgan Chase & Company 255,000
2. Citigroup Inc. 210,000
3. Verizon Communications Inc. 132,000
4. ABM Industries 114,000
5. Pfizer Inc. 79,000
6. Marsh & McLennan Companies 76,000
7. Macy’s 76,000
8. Philip Morris International 71,000
9. Morgan Stanley 68,000
10. Omnicon Group Inc. 64,000
Source: Fortune.com
Four of Five New York City Boroughs Would Make the List of 15 Most Populous Cities Within the U.S.
Area Name Population (2020 estimate)
1. New York City (total)* 8,804,190
2. Los Angeles 3,898,747
3. Chicago 2,746,388
4. Brooklyn 2,736,074
5. Queens 2,405,464
6. Houston 2,304,580
7. Manhattan 1,694,251
8. Phoenix 1,608,139
9. Philadelphia 1,603,797
10. The Bronx 1,472,654
11. San Antonio 1,434.625
12. San Diego 1,386,932
13. Dallas 1,304,379
14. San Jose 1,013,240
15. Austin 961,855
Please Note: The fifth borough, Staten Island, has a population of 495,747.
Source: United States Census Bureau.
Office of the New York City Comptroller Scott M. Stringer 23
Things to Know
Checkbook NYC
Checkbook NYC is an online transparency tool
launched by New York City Comptroller’s Office.
Using an intuitive dashboard approach that
combines a series of graphs and user-friendly
tables, Checkbook NYC provides up-to-date
information about the City’s financial condition.
On Checkbook you could find the following:
• City Agencies with the most spending
• Prime/Sub-Vendors doing business with
the City
• City Budget information
• Information on City Agency contracts
• And much, much more
Services for the Public and Businesses
Access the Office of the Comptroller’s Website to:
• Certificate of Residence: If you are a student attending a New York State community college
outside of New York City, rather than paying the higher tuition as a non-resident, qualified residents
may receive a Certificate of Residence to pay the resident tuition fee while enrolled at the college.
• File a Claim: Claims can be filed against the City of New York. The New York City Comptroller’s
Office is responsible for overseeing the resolution and settlement of these claims.
• FOIL Requests: Citizens interested in accessing records from the Comptroller’s Office may do so
through the Freedom of Information Law (FOIL).
• Pay My Claim: If you have settled a claim with the City, you could inquire about the status.
• Prequalified CPA List (PQL): CPA firms interested in applying for placement on the PQL to be
considered to provide audit services to City agencies, should access this page and complete the
application.
• Suggest an Audit: The Bureau of Audit welcomes ideas for audits to save the City money, increase
revenues, or improve agency efficiency.
• Unclaimed NYC Wage Awards: If you worked for an employer covered by prevailing wage or
living wage requirements and were underpaid, the Comptroller’s Office may have already recouped
the amount of your underpayment plus interest.
• Workers’ Rights: If you believe that you are performing work that is covered by New York City
prevailing wage or living wage requirements, and you have been underpaid, you can file a
complaint with our office by filling out and returning our Complaint Form at
https://comptroller.nyc.gov/wp-content/uploads/documents/complaint-form.pdf.
The City of New York, New York | Popular Annual Financial Report FY 2021 24
Accounting Terms
Following are descriptions of some of the accounting terms used in this PAFR:
• Assessed Value: The value of a property for real property taxation purposes. A property’s assessed value is a percentage of its market value.
• Blended Component Units: Entities, although legally separate from the City, for which the primary government is financially accountable. These Component Units provide services exclusively to the City.
• Business-Type Activities: Component Units that were established to provide services to third
parties, and intended to operate with limited or no public subsidy.
• Capital Assets: These include all land, buildings, equipment, and other elements of the City’s infrastructure having an initial minimum useful life of five years, having a cost of more than $35,000, and having been funded by the Capital Budget.
• Capital Budget: The budget that is exclusively used to fund Capital Projects, such as city construction, purchases of land, buildings, or equipment.
• Capital Project: A project that meets the criteria of a capital asset and involves the construction, reconstruction, or acquisition of Capital Assets.
• Component Units: Legally separate organizations for which the City is financially accountable.
• Discretely Presented Component Units: Component Units that are reported separately from the Primary Government. Although the City is financially accountable for them, they do not provide services exclusively to the government.
• Expense Budget: A budget that covers the day-to-day operating expenditures and is financed by city taxes and other revenues along with State and Federal aid.
• General Fund: The main operating fund of the City, which is used to finance the City’s operations.
• General Revenues: Revenues, not properly included among Program Revenues, which the City raises through taxation and other means. General Revenues are available to be used for any authorized program or function.
• Governmental Fund: For the purposes of New York City the Governmental Fund consists of: The General Fund, Capital Projects Fund, General Debt Service Fund, and Nonmajor Governmental
Funds.
• Inception to Date Expenditures: Financial expenses from the start of a project through the specified fiscal year.
• Primary Government: The various City agencies and other entities established to perform the City’s core functions and duties for its citizenry.
• Program Revenues: Revenues that include charges for services such as rental revenue from
operating leases on markets, ports, and terminals, and grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or program. Program revenues are collected and available for their respective programs and functions.
Office of the New York City Comptroller Scott M. Stringer 25
Our Elected Officials
Bill de Blasio Mayor
Scott M. Stringer Comptroller
Jumaane Williams Public Advocate
Corey Johnson Council Speaker
Laurie Cumbo Council Majority Leader
Steven Matteo Council Minority Leader
Ruben Diaz, Jr. Bronx Borough President
Eric L. Adams Brooklyn Borough President
Gale A. Brewer Manhattan Borough President
Donovan Richards Queens Borough President
James S. Oddo Staten Island Borough President
Darcel D. Clark Bronx District Attorney
Eric Gonzalez Brooklyn District Attorney
Cyrus R. Vance, Jr. Manhattan District Attorney
Melinda Katz Queens District Attorney
Michael E. McMahon Staten Island District Attorney
The elected officials depicted above are as of the Fiscal Year ended June 30, 2021.
The City of New York, New York | Popular Annual Financial Report FY 2021 26
The Government of The City of New York
Office of the New York City Comptroller Scott M. Stringer 27
The City of New York, New York | Popular Annual Financial Report FY 2021 28
Acknowledgements
Scott M. Stringer, Comptroller
Bureau of Accountancy:
Jacqueline Thompson, CGFM, CIA, CFE, Deputy Comptroller for Accountancy
Katrina Stauffer, Bureau Chief
Man Hon Cheung, Assistant Bureau Chief of Government Accounting
Leonel Ferreira, CPA, Assistant Bureau Chief of Financial Accounting
Popular Annual Financial Report Developed and Prepared by:
Technical & Professional Standards Unit, Bureau of Accountancy
Susanna Tregor, CPA, Assistant Division Chief
Camille Arezzo, Administrative Accountant
Joan Stapleton, Administrative Public Information Specialist
Alla Vayner, Policy & Technical Accounting Analyst
With Special Thanks to:
Budget Bureau Preston Niblack, Deputy Comptroller for Budget
Eng Kai Tan, Bureau Chief
Peter Flynn, Assistant Bureau Chief
Andrew McWilliam, Director of Economic Research
Bureau of Information Systems & Technology
Mike Bott, Assistant Comptroller for Information Technology/CIO
Troy Chen, Executive Director of App Development & Web Administration
Antonnette Brumlik, Senior Web Administrator
Angela Chen, Senior Web Developer & Graphic Designer
Bureau of Public Policy
David Saltonstall, Assistant Comptroller for Policy
Photo Credit: Shutterstock
Significant efforts were made by all staff of the Bureau of Accountancy and many others in the Office of the
Comptroller and throughout the City to prepare the City’s Fiscal Year 2021 Annual Comprehensive
Financial Report, from which much of the content of this report was adopted.
Comments or Suggestions
Thank you for taking the time to learn about The City of New York’s financial position. If you have comments
or suggestions on how we can improve the PAFR, please contact the Technical and Professional Standards
Unit by email at PAFR@comptroller.nyc.gov, or by telephone at (212) 669-3675.
Office of the New York City Comptroller Scott M. Stringer 29
The City of New York, New York | Popular Annual Financial Report FY 2021 30
1 Centre Street, New York, NY 10007 • (212) 669-3500 • comptroller.nyc.gov
@NYCComptroller
NEW YORK CITY COMPTROLLER
SCOTT M. STRINGER