Dear New Yorkers,
Yesterday we published the Annual Comprehensive Financial Report (ACFR) for FY 2024!
This is more than just another acronym or dry report, John. The ACFR contains the City’s government-wide financial statements, providing a sound accounting foundation for the City’s fiscal health and good standing. In accordance with New York City Charter, the ACFR is published by the Comptroller within four months after the close of each fiscal year.
Some main takeaways from this report: In the face of persistent challenges, New York City’s economy is resilient, and our finances are on sound footing — but there are vulnerabilities that we must attend to.
Fifty years after the fiscal crisis, it’s time to update the City’s fiscal framework, and that includes addressing corruption risks and operational weaknesses in City procurement.
This is why my office put together a series of proposals to strengthen and modernize the City’s fiscal framework. This includes steps to ensure that the City accumulates sufficient reserves in its rainy-day fund, achieves efficiencies and long-term savings while avoiding cuts to vital services, conducts realistic assessments of its capital assets, and maintains the affordability of its debt.
Rooting out corruption, while outside the scope of the ACFR, could also not be more important. Recent events have raised concerns about corruption vulnerabilities and operational weaknesses in the City’s procurement practices. My office has also put forward a series of proposals to prevent corruption in procurement.
I am grateful to my office’s Bureau of Accountancy for delivering another on-time Annual Comprehensive Financial Report, underscoring our office’s commitment transparency and fiscal responsibility!
Read the FY 2024 ACFR here.
Thanks,
Brad |
