September 9, 2019 – In its Quarterly Cash Report issue today, NYC Comptroller Scott Stringer’s Office reported that the City’s unrestricted cash balance declined by 25% to $7.1 billion, the lowest year end balance since 2013.<\/p>\n\n\n\n
As per the City’s recent practice to transfer budgetary surpluses to the following fiscal year (the 2019 fiscal year commenced in July 2019), the City allocated funds to prepay $4.2 billion – approximately $4 billion for City and TFA debt service; and $200 million advances to Health and Hospitals.<\/p>\n\n\n\n
In FY2019, expenditures exceeded receipts by $2.3 billion. Expenditures have exceeded receipts in the four of the last ten years. <\/p>\n\n\n\n
While the year-on-year cash balance decline may portend a slightly weaker City economy, FY2019 marks the 15th year the City has enough resources not to tap financial markets for short-term borrowing \/ interim cash. Before FY2005, the City regularly issued revenue anticipation notes to fund operations until property tax revenues are received in January in the calendar year.<\/p>\n\n\n\n
The City also disclosed that during FY19, it received $22.4 billion in Federal and State aid, compared to $20.3 billion in FY18. In FY19, the City received $1.1 billion more in NYS education aid and $869 million more in Federal welfare aid, versus a year ago. <\/p>\n\n\n\n
Contact Jumanne Johnson at JJohnson@buymuni.com.<\/p>\n","protected":false},"excerpt":{"rendered":"
September 9, 2019 – In its Quarterly Cash Report issue today, NYC Comptroller Scott Stringer’s Office reported that the City’s…<\/p>\n","protected":false},"author":4,"featured_media":610,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[68,15,4],"tags":[],"class_list":["post-609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budgets","category-cities","category-nyc","wpcat-68-id","wpcat-15-id","wpcat-4-id"],"jetpack_featured_media_url":"https:\/\/buymuni.com\/wp-content\/uploads\/2019\/09\/20190909-BM-WTC.jpg","jetpack_sharing_enabled":true,"jetpack_likes_enabled":false,"_links":{"self":[{"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/posts\/609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/buymuni.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=609"}],"version-history":[{"count":2,"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/posts\/609\/revisions"}],"predecessor-version":[{"id":612,"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/posts\/609\/revisions\/612"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/media\/610"}],"wp:attachment":[{"href":"https:\/\/buymuni.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buymuni.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buymuni.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}