December 26, 2016
By Stephanie West
New York, NY – New York City Comptroller Scott M. Stringer has released the Popular Annual Financial Report (PAFR) for Fiscal Year 2016, which breaks down for the public the City’s revenues, expenses, budget, and capital projects.
“Transparency is more important than ever before. With $73.7 billion in spending just last year, there’s no doubt that our City’s finances are complex, but we believe in simplifying them for the public. New Yorkers deserve to know how their government works. We break down important information in a way that is accessible to everyone and I encourage all New Yorkers to take a look,” New York City Comptroller Scott M. Stringer said.
New York City Saw Sustained Job Gains. The City added 98,100 private-sector jobs in FY16, a gain of 2.7 percent. All five boroughs had their lowest unemployment rates since FY08 – 4.5 percent in Manhattan, 4.6 percent in Queens, 5.3 percent in Staten Island, 5.4 percent in Brooklyn, and 7.2 percent in the Bronx. Overall, the City brought in more than $80 billion in revenues in FY16. IF the last year, 42 percent of tax revenues came from real estate taxes, compared to 21 percent from personal income tax, 16 percent from sales and use tax, and 19 percent from other taxes.
One-third of the FY16 capital budget – $2.5 billion – was dedicated to the Department of Education. The Department of Environmental Protection was next with $1.6 billion, or 19 percent, followed by the Department of Transportation at $1.2 billion, or 14 percent. In 2014 – the most recent comparison available – New York City had 58.3 million tourists, outpacing Chicago, which had 52.75 million, and Philadelphia, which welcomed 39.7 million.
Each city provides different types and levels of service for its residents. In FY16, New York City spent over $10,000 per resident, while Philadelphia spent about $4,000 and Chicago spent $2,600.