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NYC On Track For $2.2 Billion Surplus, Budget Monitor Projects

May 16, 2022, 3:07 PM

New York City is on track to end the current fiscal year with a $2.2 billion surplus as revenue exceeds Mayor Eric Adams’s projections, the Independent Budget Office said.

  • Budget monitor’s tax forecast boosted after strong April personal income tax collections
    • IBO estimated fiscal 2022 personal income tax collections at $16.5b vs $14.7b projection by city budget office
    • Fiscal 2022 ends June 30
  • $2.2b surplus is on top of $5.9b prepayments and additions to reserves Mayor has already budgeted
  • NYC could reach pre-pandemic employment by early 2024, more than a year earlier than IBO predicted in March
  • IBO forecasts $3.1b ...