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AGENCY TESTIMONY
Economic outlook and revenue forecasts for New York City
3:56:44
ยท
64 sec
Comptroller Lander presents an overview of New York City's economic outlook and revenue forecasts, highlighting areas of growth and potential challenges. He emphasizes the need to adjust economic assumptions in light of potential federal policy changes.
- Lander notes stable moderate growth in employment, improvements in the commercial office market, and strong tourism.
- The Comptroller's office has adjusted economic assumptions to account for higher inflation and slower growth due to potential federal policy changes.
- Despite these adjustments, Lander's office estimates that tax revenues will exceed OMB's projections by $461 million in FY '25, growing to nearly $3 billion by FY '29.
Brad Lander
3:56:44
Indeed, the city has been on a path of stable moderate growth leading up to the current moment.
3:56:50
While employment has remained largely flat outside of the lower wage health and social service sectors, The commercial office market has continued to improve over the past year.
3:57:00
Transit ridership is up.
3:57:02
Traffic is down, thanks to congestion pricing, and tourism is strong.
3:57:07
Unfortunately, now we must face our new reality head on and actually reckon with it in our budgeting.
3:57:14
That's why my office adjusted our economic assumptions to begin to account for the higher inflation and slower growth likely to derive from changes in federal policy.
3:57:25
This less benign outlook lowers the forecast of city revenues in FY '25 and '26.
3:57:32
Even with those adjustments, my office estimates that tax revenues will exceed OMBs by $461,000,000 in FY '25 with the difference growing to nearly 3,000,000,000 by FY twenty nine as a result of higher property, personal income, and business taxes.