NYC Revenue Growth Puts City in Line for $2.7 Billion Surplus

Tax receipts from a strong economy have boosted New York City’s budget surplus for the current fiscal year to $2.7 billion, State Comptroller Thomas P. DiNapoli (D) said Friday, but he warned that future prospects were clouded by the risk of a downturn and the possible impact of pending state funding cuts.

“New York City’s economy has been strong in recent years, generating resources to expand municipal services and to close projected budget gaps,” DiNapoli said in a review of the city’s four-year financial plan, which was made public in January. But warning of future risks, ...