New York City’s economy in October 2025 shows a mix of resilience and persistent challenges. While national economic indicators reflect sluggish job growth and declining consumer sentiment amid federal government shutdowns and shifting trade policies, local data reveals more encouraging signs. Payroll employment continues a moderate upward trend, and fiscal receipts for fiscal year 2025 rose 8.3% compared to the prior year, exceeding projections by 4.2%. Additionally, the city saw a notable increase in homeless families transitioning into permanent housing, largely due to an expansion of the CityFHEPS voucher program.
The city’s unemployment rate rose slightly to 4.9% in August, a four-month high, but the employment-population ratio remained at a record 58.7%, indicating strong labor force participation. Private sector job gains over the past year were concentrated in Health & Social Assistance, which added 70,000 positions, while Information, Accommodation & Food, and Transportation & Warehousing saw smaller increases. However, recent data suggests the reported growth in the Information sector may be revised downward, partly due to ongoing struggles in the motion-picture industry following the 2024 actors’ and writers’ strikes.
Wage growth has been uneven across industries. Sectors with already high average earnings—such as Finance, Professional & Business Services, and Information—have seen the strongest compensation increases, even as their employment levels remain flat. In contrast, Health Care, despite significant job growth, has experienced the weakest wage gains. This divergence suggests that economic expansion is outpacing job creation and may be contributing to widening income inequality, a trend more pronounced in New York City than nationally.
Business sentiment in the region is mixed. Manufacturers report slight improvement, but service firms increasingly indicate weakening activity—the highest proportion since early 2021. Consumer confidence in New York State showed a minor uptick in September, though other surveys point to declining sentiment locally. Financial market volatility adds uncertainty, particularly given the sector’s importance to the city’s economy.
The office real estate market continues to recover, with occupancy rising and availability rates falling to five-year lows, especially in top-tier buildings. This contrasts with the sluggish nationwide office market. Transit ridership in September reached its highest level since early 2020, with subways, Metro North, and LIRR all showing strong gains, though bus and Staten Island Railroad usage lags behind.
The rental market remains tight, with market rents above pre-pandemic levels and inventory only modestly improved from historic lows. Tourism remains robust, with Broadway revenues exceeding year-earlier levels despite slightly lower attendance, reflecting higher ticket prices.
Homelessness remains a critical issue. As of September 2025, the average number of individuals in city shelters was 91,460, up 62% since September 2022, though the count of asylum seekers has declined recently. At the same time, subsidized housing placements have increased significantly. In FY 2025, 17,870 households moved from shelters into permanent housing, a 28.4% increase from the previous year, driven largely by the CityFHEPS program. Over 60,000 households now use CityFHEPS vouchers, surpassing the number served by NYCHA and other public housing programs combined.
Fiscally, the city performed strongly. Total tax revenue reached $80.3 billion in FY 2025, up 8.3% from FY 2024. Personal Income Tax and Pass-Through Entity Tax collections surged by 17.6%, while business taxes rose 6.1%, led by a 21.3% increase in the Unincorporated Business Tax. Sales tax grew 4.4%, and real estate transaction taxes jumped 17.1%, driven by commercial sales and mortgage recording activity. The final tax total exceeded the adopted budget forecast by $3.27 billion.
The Mayor’s FY 2026–2029 Capital Commitment Plan, totaling $93.01 billion, reflects a 6% increase over the previous plan, signaling continued investment in infrastructure and public services.
— news from NYC Comptroller
— News Original —
New York by the Numbers Monthly Economic and Fiscal Outlook No. 106 – October 2025
1ZvI_f7ZzlS3Ul0CYoYc_i8uqerhoFso1mAHh5F8EAoo
New York by the Numbers
Monthly Economic and Fiscal Outlook
By NYC Comptroller Brad Lander
Francesco Brindisi, Executive Deputy Comptroller for Budget and Finance
Krista Olson, Deputy Comptroller for Budget
Jonathan Siegel, Chief Economist
Jason Bram, Director of Economic Research
No. 106 – October 2025
Photo Credit: Sean Pavone/Shutterstock
A Message from the Comptroller
Dear New Yorkers,
As far as the numbers that many New Yorkers care about most in the fall: the Mets, Yankees, and Liberty all fell short this post-season. Wait till next year! (as old-timers still say in Brooklyn).
The economic numbers are more mixed. Nationally, job growth remains sluggish, consumer sentiment is down, and there’s a great deal of volatility in the economy, due to shifting tariffs and the federal government shutdown. We document some of the impacts New Yorkers face.
Locally, there are more positive data points. Modest growth in jobs and transit ridership continues. Tax receipts for FY25 were up 8.3% over the prior year, and 4.2% over projections. And the last fiscal year saw a significant increase in homeless families placed into permanent housing (mostly through a big expansion in CityFHEPS).
This month’s Spotlight reviews an interesting mix of numbers over the long term: we compare the demographics and economic realities face by successive generations of New Yorkers – Baby Boomers, Gen X, Millennials, Gen Z – across their life-trajectories. Subsequent generations have gotten more diverse (relative to each other, and to the country), and seen their income and educational attainment rise. Unfortunately, their costs, especially housing, have risen even more.
Unfortunately, income inequality has increased in both the short and long term. In current data, we find that wage gains are primarily in sectors that already feature the highest incomes (tech, finance). And income disparities have gotten significantly wider with each generation, and to a far greater degree in New York City than nationwide.
How ‘bout those Rangers?!
Through the ups and downs, across seasons, sports years, and even generations, we’ll keep counting the numbers.
Brad
Highlights
September U.S. jobs data have not yet been released due to the government shutdown. However, ADP’s estimate showed a modest decline in employment, following months of sluggish job gains.
NYC’s unemployment rate edged up to a 4-month high of 4.9% in August, while the employment-population ratio held steady at a record high. Payroll employment has continued its moderate upward trend but with almost all the net gain continuing to accrue to Health & Social Assistance and Government.
Regional business sentiment has been increasingly negative, while consumer confidence has been mixed but overall steady at tepid levels.
New York City’s office market has continued its moderate pace of recovery, diverging from the nationwide office market which has struggled to recover from its post-pandemic slump.
Final FY 2025 tax receipts are in and they were up 8.3% over final FY 2024 collections, and up 4.2% against OMB’s FY 2025 Adopted Budget projections published in June 2024.
On September 30, the Mayor released the Adopted FY 2026-FY 2029 Capital Commitment Plan, which totals $93.01 billion in authorized commitments over the FY 2026-FY 2029 period (including State and Federal funds). The total is $5.30 billion (6.0%) greater than in the previous plan released in May 2025.
On the Federal side, the government remains in a shutdown pending negotiations that center around the extension of the Affordable Care Act’s enhanced tax premiums. Without an extension, out of pocket health insurance costs for ACA enrollees in NYC are expected to go up by more than 200%.
Spotlight
How have the various generations fared in New York City over the years?
This month’s Spotlight explores the changing social and economic realities faced by successive generations in New York City and in the United States–from Baby Boomers to Generation Z. We examine how time, age, race, sex, and other factors interact with various measures of income, employment outcomes, and affordability.
Read the Spotlight
In Case You Missed It
Over the past month, the Comptroller’s Office released the following announcements on the state of NYC’s economy and finances:
New York City Cash Balance Projection
New York City Quarterly Cash Report
Sanitation Department Awards Contracts to Commercial Waste Haulers with Hundreds of Safety, Environmental, and Labor Violations, Comptroller Finds
Comptroller Lander Conducts Sweeping Audits of 4 Human Services Agencies Use of Subcontractors
The U.S. Economy
Real GDP (Gross Domestic Product) expanded at an upwardly-revised 3.8% annual rate in the 2nd quarter, after contracting at a 0.5% annual pace in the 1st As of early October, the Atlanta Fed is projecting that 3rd quarter GDP growth will, once again, come in at 3.8%, while the NY Fed is anticipating 2.3% growth.
While the government shutdown has delayed the release of September employment data, ADP estimates that private-sector payroll employment fell 32,000, following a (downwardly-revised) decline of 3,000 in August.
September business surveys have pointed to flat activity in both the manufacturing and service sectors. The ISM (Institute for Supply Management) surveys of manufacturers and service firms both point to little change in business activity in September. And surveys from the various Federal Reserve Banks yielded mixed results in September
Consumers’ views of the U.S. economy continued to deteriorate. Both the Conference Board’s and University of Michigan’s monthly consumer surveys show confidence slipping for the 2nd straight month and falling well short of pre-pandemic levels.
After climbing fairly steadily for a number of months, equity markets have been somewhat volatile in the first half of October.
New York City Economy
Payroll Employment & Industry Trends
Private sector employment declined by 4,600 in August, but this follows a solid, upwardly-revised gain of 22,000 in July. Private sector employment is up 15,300 over the last three months and by nearly 63,000 over the past 12 months.
However, job gains continue to be driven almost entirely by Health and Social Assistance, which added 21,000 jobs in the last 3 months and 70,000 in the last 12 months.
The only other private sectors showing job gains over the past year are Information (+11,200), Accommodation & Food (+2,900), and Transportation & Warehousing (+5,600). But more complete, incoming data suggest that the gain in Information will be revised away[1]. Government added nearly 17,000 jobs in the past year.
Table 1. Seasonally Adjusted NYC Employment, by Industry (‘000s)
(1,000s) Seasonally Adjusted NYC Employment Aug. 2025 change over the past Industry: Aug. ’24 May ’25 June ’25 July ’25 Aug. ‘25 12 Months 3 Months 1 Month Total Nonfarm 4,819.2 4,848.0 4,847.7 4,895.4 4,898.6 79.4 50.6 3.2 Total Private 4,198.7 4,246.2 4,244.0 4,266.0 4,261.5 62.8 15.3 -4.6 Financial Activities 508.8 506.0 508.4 508.6 504.6 -4.2 -1.4 -4.0 Securities 202.6 197.7 198.7 198.3 195.6 -7.0 -2.1 -2.7 Information 222.9 231.7 231.1 231.8 234.1 11.2 2.4 2.3 Prof. and Business Services 798.4 798.2 797.1 796.5 792.2 -6.2 -6.0 -4.3 Educational Services 258.1 256.6 247.7 255.5 255.9 -2.2 -0.7 0.4 Health & Social Assistance 1,007.5 1,056.9 1,061.3 1,073.5 1,077.5 70.0 20.6 4.0 Leisure and Hospitality 446.6 445.4 447.0 446.9 445.1 -1.4 -0.2 -1.8 Arts, Ent., and Rec. 90.9 85.7 87.8 87.6 86.6 -4.3 0.9 -1.0 Accomm. & Food Svc. 355.7 359.7 359.2 359.3 358.6 2.9 -1.1 -0.7 Retail Trade 297.8 293.9 294.9 295.1 296.7 -1.1 2.8 1.6 Wholesale Trade 131.3 131.7 131.0 130.4 129.3 -2.0 -2.4 -1.1 Trans. & Warehousing 135.1 138.6 138.3 140.7 140.7 5.6 2.2 0.0 Construction 143.0 137.6 138.3 137.9 135.6 -7.4 -2.0 -2.3 Manufacturing 54.7 55.1 54.5 54.6 54.1 -0.6 -1.0 -0.5 Government 620.5 601.8 603.7 629.4 637.2 16.7 35.4 7.8
Sources: NY Department of Labor; NYC Office of Management and Budget; Office of the New York City Comptroller.
Labor Market Indicators
The city’s unemployment rate, which had fallen to a nearly 3-year low of 4.7% in June, edged up to 4.8% in July and 4.9% in August. However, the employment-population ratio held steady at a record high of 58.7%, as labor force participation has remained strong. This contrasts starkly with the U.S. as a whole, where the employment-population ratio stood at a nearly 4-year low and unemployment at a nearly 4-year high in August.
WARN (Worker Adjustment & Retraining Notices) data suggest that layoffs in NYC have remained modest as of September.
The federal government shutdown has delayed the release of weekly jobless claims data, but as of late September, new claims remained at a subdued level, while the number of ongoing claimants (people on unemployment) has remained stable and little changed from a year earlier.
Charts 1 and 2 use Quarterly Census of Employment & Wages (QCEW) data to explain changes in average earnings per worker versus employment, both since the start of the pandemic (past 5 years) and over the past year.
Health Care has seen the largest employment gains, by far, but the lowest wage growth over both the one-year and five-year time periods.
In contrast, the city’s key Finance, Professional & Business Services, and Information sectors show little or no job growth but the strongest wage growth during both time periods. These industries are considered important for driving growth and expanding the tax base in New York City, and they also tend to have high proportions of remote workers.
The Information sector has seen job losses over both periods. It has yet to reach its pre-pandemic peak and has seen a 4% decrease in employment in the last year. Much of this weakness comes from the motion-picture industry which has struggled since the 2024 actors’ and writers’ strikes.
Leisure and Hospitality, the hardest hit sector during the pandemic, added jobs from early 2024 to early 2025, though employment has yet to reach pre-pandemic levels. This sector has also seen fairly strong wage growth.
Chart 1
Source: NY State Department of Labor, U.S. Department of Labor, Moody’s economy.com
Note: Green bubbles represent sectors with above-average earnings/worker.
While most sectors have seen little or no job growth over the past year, quite a few have seen brisk growth in average wage and salary earnings per worker, as shown in Chart 2.
The sectors that have seen the strongest wage growth have been those with already the highest wages (shown in green). This suggests that economic activity and tax revenues have been expanding substantially faster than the number of jobs, but it also suggests further widening in income inequality.
Chart 2
Source: NY State Department of Labor, U.S. Department of Labor, Moody’s economy.com
Business & Consumer Sentiment
Business sentiment across the region has been mixed, based on the New York Fed’s early-October business surveys: manufacturers reported some pickup in business, whereas a large and growing proportion of service firms reported weakening business activity—the highest proportion since January 2021.
The proportion of regional businesses planning to raise their selling prices in the months ahead receded somewhat but is only moderately below early-2022 readings when CPI inflation was approaching 9%.
Given the importance of the finance sector to New York City’s economy, recent volatility in the financial markets represents an additional risk to the economic outlook.
As shown in Chart 3, consumer confidence across New York State perked up a bit in September, based on the Conference Board’s monthly survey, even as confidence fell nationwide. However, Siena College’s quarterly survey of consumer sentiment points to weak and declining consumer sentiment in both New York State and the NYC metro area. In both surveys, confidence is now somewhat higher locally than nationally.
Chart 3
Sources: The Conference Board; Moody’s economy.com
Office Market
New York City’s office market has continued its recovery in recent weeks, increasingly diverging with the persistently weak nationwide market, breaking year-to-date leasing records , and attracting superlatives in the financial press. In contrast with earlier months, when improvement was mainly limited to the high end of the market, the pickup has become somewhat more broad-based. Both Manhattan and the outer boroughs have seen rising occupancy.
As occupancy has risen, availability rates for office space across New York City have continued to trend down, as shown in Chart 4 below. After reaching post-pandemic highs in mid-2023, availability rates for both top-tier (4- and 5-star) properties and for office buildings overall have declined substantially, ending September at 5-year lows.
In contrast, the nationwide office market has remained quite slack: availability rates (the dashed lines in Chart 4) have come off their highs but only marginally.
Availability rates tend to be higher for top-tier properties, even though they are generally in much higher demand. This is because virtually all of the new development (supply) has been at the high end, whereas many lower-tier properties are being upgraded or converted to residential use, thereby thinning the supply.
Chart 4
Sources: Costar, Office of the New York City Comptroller
Transit Ridership
Transit ridership picked up noticeably in September, reaching its highest level since early 2020, relative to pre-pandemic seasonal patterns. Subways, Metro North and LIRR (Long Island Railroad) all registered their best month since the pandemic, while ridership on buses and SIR (Staten Island Railroad) continued to lag, as shown in Chart 5 below. [The September level is relative to average ridership in September 2018 and September 2019.]
Compared with year-earlier (2024) levels, transit ridership in September was up 7% for subways, up roughly 10% for LIRR and Metro North, and up 3% for buses. However, SIR saw a decline of 3%.
Chart 5
Source: MTA
Residential Real Estate
The housing rental market has been generally tight. Market rents have continued to trend higher and are well above pre-pandemic levels, while the inventory of available rentals has been stable, modestly above the historically low levels of 2022, as shown in Chart 6.
Chart 6
Source: StreetEasy
Note: Inventory is a 12-month moving average; rents are StreetEasy’s Indexes of market rents, which estimate median rents.
Tourism
Despite some weakening at the national level, tourism in New York City has remained strong. Hotel occupancy has been fairly steady at high levels, near its post-pandemic level, while revenues have grown moderately.
Revenues at Broadway theaters have been running moderately ahead of a year earlier in recent weeks, though attendance has slipped somewhat—evidently reflecting a sizable jump in prices paid for theatre tickets. Relative to comparable pre-pandemic levels for this time of year, attendance has been moderately below as of early October, while total revenue has been somewhat above.
Homelessness & Asylum Seekers
Chart 7 shows the monthly average number of people in City shelters through September 2025. From September 2022 through September 2025 the Citywide census (asylum seekers and DHS shelter) has increased by 62%, rising from roughly 56,600 to 91,460 individuals. Much of this growth is attributable to asylum seekers, who represent roughly 37% of the total individuals in shelter citywide, down from 55% in January 2024.
In September, the average number of asylum seekers in City shelters was approximately 33,750, marking a decrease of 1,050 individuals from August 2025. Over the past 12 months, from October 2024 through September 2025, the average shelter census has decreased by nearly 28,160 individuals.
Chart 7
Sources: NYC DHS; NYC Mayor’s Office; Office of the NYC Comptroller
Note: Figures shown are monthly averages. Data on the asylum seeker population within DHS shelters are not available prior to August 31, 2022. Other Facilities include spaces operated by NYCEM, HPD, and DYCD, and those outside of NYC.
As the DHS shelter population has been growing over the past several years, so have subsidized placements out of shelter into housing. In FY 2025, 17,870 households exited shelter into subsidized housing, as shown in Chart 8. FY 2025 placements reflect a 28.4% increase over FY 2024. Subsidized placements have increased steadily since FY 2022—growing by 82% over the last four years.
Most of this growth is due to the CityFHEPS program. More than two-thirds of households placed in FY 2025 exited shelter using CityFHEPS vouchers. This includes 5,907 families with children, 552 adult families, and 5,527 single adult households.
The next highest categories of exits in FY 2025 were to supportive housing and New York City Housing Authority (NYCHA) apartments, accounting for 1,947 (10.9%) and 1,129 (6.3%) percent of FY 2025 placements, respectively. While the number of supportive housing placements has been relatively consistent since FY 2015, NYCHA placements rebounded in FY 2025 after declining for several years — almost doubling over FY 2024 NYCHA placements.
A total of 1,863 households were placed from shelter into housing from FY 2022 through FY 2025 using Emergency Housing Vouchers (EHV), a Federally funded program begun as part of COVID relief efforts. The Trump Administration announced earlier this year that it would end the program early. The City and NYCHA, which both administer the program, however, have committed to continue to fund the vouchers currently in circulation.
Chart 8
Note: *Legacy Programs are local housing subsidy programs that the City no longer uses and that were largely replaced by CityFHEPS. These include the Living in Communities Program, CFEPS, and the Single Exit and Prevention Supplement programs. **Other programs include 421-a subsidized housing, HOME Investment Partnership Tenant Based Rental Vouchers, Migrant Relocation Assistance Program, and the Asylee Moveout Assistance.
Source: New York City Department of Social Services
The growth in CityFHEPS, which was introduced in FY 2019, follows program reforms that, among other changes, increased payment standards for the vouchers in FY 2022. In FY 2023, the City eliminated a requirement that households remain in shelter for 90 days before becoming eligible for the program, although, according to the Department of Social Services, the latter change has not had a meaningful impact on the size of the program. (Other reforms to expand the CityFHEPS program —including raising eligible income limits and expanding the eligibility of households at risk of eviction—were passed by the City Council in 2023. These have not been implemented by the Adams Administration—citing cost concerns—and are currently the subject of litigation.)
Overall, as of the end of August, there were a total of 60,991 households utilizing CityFHEPS vouchers in New York City, according to new data provided from the Department of Social Services to the City Council.[2] As a point of comparison, the New York City Housing Authority (NYCHA) and the New York City Department of Housing Preservation and Development (HPD) together administer about 100,600 tenant-based and vouchers and 7,560 EHV Section 8 vouchers in New York City.[3] However, as noted in the Chart above, placements into these programs from the shelter system are significantly less than CityFHEPS.
City Finances
Final FY 2025 Tax Revenues vs Final FY 2024
Overall Performance
Total tax revenue (inclusive of tax audits) grew 8.3% year-over-year, reaching $80.3B in FY 2025 compared to $74.2B in FY 2024, a solid $6.1B increase showing a strong overall performance.
Property taxes remain the single largest revenue source at $34.8B but grew at a more modest 5.4% pace
Non-property taxes led the growth, increasing 10.6% ($4.4B) and now represent 56.7% of total revenue, up from 55.5% in FY 2024, signaling solid economic activity beyond the stable property tax base. Had the City followed the formula proposed by our office for deposits into the City’s Rainy Day Fund, this non-property tax growth would have resulted in a $1.3 billion deposit in the fund for FY 2025.
Personal Income (PIT) & Pass-Through Entity Taxes (PTET)
PIT + PTET surged to $18.4B, up $2.8B (17.5%) from prior year, the strongest absolute dollar growth among all tax categories (some of the growth is due to collection timing distortions that lowered FY 2024 numbers)
PIT alone rose by $2.04B (+14.6%), due to 10.5% increase in withholdings (which constitute the biggest component of PIT).
PTET grew 42.6% to $2.4B, indicating continued strong adoption of PTET elections for federal SALT cap workarounds and growth in pass-through entity income.
Business Taxes
Overall business taxes increased by $592M (6.1%) to $10.3B, but the composition reveals notable divergence
Unincorporated Business Tax (UBT) showed strong growth of $595M (+21.3%), mainly driven by the collections from finance and insurance companies. UBT growth may be in part tied due to the federal tax benefit for those that opt into PTET.
Sales Tax
Sales tax revenue increased by $435M (+4.4%), from $9.91B to $10.35B, reflecting moderate growth in inflation-adjusted consumer spending.
Real Estate Transaction Taxes
Combined real estate-related taxes rose by $295M (+17.1%), from $1.73B to $2.02B.
Real Property Transfer Tax (RPTT) increased by $119M (+10.5%), mainly due to increase in taxes collected from commercial real estate sales.
Mortgage Recording Tax (MRT) saw stronger growth of $176.5M (+29.6%).
All Other Taxes
“All Other” category saw an increase of $322M (+10%), from $3.23B to $3.56B.
Table 2. Total Tax Revenue Collections FY2025 vs. FY2024
Tax FY 2025 FY 2024 Percentage Change Property Tax 34,756,900 32,987,024 5.4% PIT 16,058,624 14,013,712 14.6% PTET 2,363,772 1,657,404 42.6% PIT + PTET 18,422,396 15,671,116 17.6% GCT 6,880,505 6,890,430 -0.1% BCT 3,106 (4,432) -170.1% UBT 3,384,017 2,789,392 21.3% Business Income Taxes 10,267,628 9,675,390 6.1% Sales Tax 10,348,579 9,913,774 4.4% RPTT 1,249,021 1,130,336 10.5% MRT 773,174 596,642 29.6% Real Estate Transaction Taxes 2,022,195 1,726,978 17.1% All Other 3,556,210 3,234,192 10.0% Total Without Audit 79,373,909 73,208,475 8.4% Tax Audit Revenue 941,552 968,255 -2.8% Total tax with Audit 80,315,461 74,176,730 8.3%
Source: Annual Comprehensive Financial Reports (ACFR)
Final FY 2025 Tax Revenues vs Initial Forecasts
Total Tax Revenue (with Audit) exceeded expectations by $3.27B (+4.2%), reaching $80.3B vs. the $77.0B Adopted Budget estimate.
This was mainly due to higher-than-expected collections of non-property tax revenue by $2.79B (+6.5%), totaling $45.56B.
PIT and PTET were $1.14B above estimate (+6.6%).
Business Taxes also came in higher than estimated, $1.09B (+11.9%) higher.
Table 3. Final FY 2025 Tax Revenues vs FY 2025 Adopted
Tax FY 2025 Adopted (June 2024) FY 2025 Final Percentage Difference Property Tax 34,280,000 34,756,900 1.39% PIT 15,425,000 16,058,624 4.11% PTET 1,859,000 2,363,772 27.15% PIT + PTET 17,284,000 18,422,396 6.59% GCT 6,507,000 6,880,505 5.74% BCT 0 3,106 UBT 2,669,000 3,384,017 26.79% Business Income Taxes 9,176,000 10,267,628 11.90% Sales Tax 10,370,500 10,348,579 -0.21% RPTT 1,279,000 1,249,021 -2.34% MRT 687,000 773,174 12.54% Real Estate Transaction Taxes 1,966,000 2,022,195 2.86% All Other 3,198,281 3,556,210 11.19% Total Without Audit 76,274,781 79,373,909 4.06% Tax Audit Revenue 773,166 941,552 21.78% Total tax with Audit 77,047,947 80,315,461 4.24%
Source: Annual Comprehensive Financial Reports (ACFR) and NYC Office of Management and Budget
Capital Plan
On September 30, the Mayor released the Adopted FY 2026-FY 2029 Capital Commitment Plan, also known as the “September Plan”. The plan contains details on each agency’s capital program over four fiscal years and is presented in terms of planned commitments— when and for how much the City is expected to register a contract for a project.
The Adopted Plan totals $93.01 billion in authorized commitments over the FY 2026-FY 2029 period (including those that are State and Federally funded). City-funded commitments make up $88