New York City, November 25, 2025
The Office of New York City Comptroller Brad Lander has published the Popular Annual Financial Report (PAFR) for the fiscal year ending June 30, 2025. This comprehensive report highlights the city’s economic performance, financial overview, and key metrics regarding revenue and expenses. Notably, total revenues have increased significantly, with substantial contributions from personal income and real estate taxes. The document underscores the ongoing efforts to address the housing market and maintain transparency in the city’s fiscal health.
NYC Comptroller Releases Fiscal Year 2025 Financial Report
New York City, NY – On November 24, 2025, the Office of New York City Comptroller Brad Lander released the Popular Annual Financial Report (PAFR) for the fiscal year ending June 30, 2025. This report offers a concise and accessible overview of the city’s financial health, complementing the more detailed Annual Comprehensive Financial Report (ACFR).
Key Highlights from the Fiscal Year 2025 PAFR
Economic Performance
- Moderate Growth: The city’s economy experienced steady growth during FY 2025, with employment gains primarily in the Health & Social Assistance sector. Key sectors like Finance, Information, and Professional & Business Services saw stable employment but notable wage increases.
- Housing Market Trends: The rental market tightened over the year, while the sales market remained sluggish. Approximately 37,000 housing units were added in 2024, aligning with job growth but not sufficiently addressing the housing shortage. Most new housing was developed in neighborhoods adjacent to or within Manhattan.
Financial Overview
- Revenues: Total program and general revenues reached approximately $120.1 billion, marking a $4.9 billion increase from FY 2024. This growth was driven by a rise in tax revenues, particularly personal income taxes, which increased from $13.61 billion to $16.32 billion, fueled by a robust labor market and record Wall Street bonuses. Real estate taxes also saw an uptick, rising from $32.92 billion to $34.48 billion due to growth in billable assessed value.
- Expenses: Total expenses for FY 2025 were about $120.3 billion, a decrease of nearly $1.8 billion from the previous year. Notable changes included a reduction in general government expenses from $10.13 billion to $9.19 billion, attributed to prior year savings initiatives and changes in procurement schedules. Social Services expenses grew from $21.08 billion to $22.32 billion, driven by increased spending on rental assistance and public assistance programs. Environmental Protection expenses slightly increased from $5.006 billion to $5.008 billion, reflecting higher hiring, collective bargaining costs, water treatment expenses, and investments in technology and cybersecurity measures.
Accolades
- Financial Reporting Excellence: For the 45th consecutive year, the City of New York received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association (GFOA). The PAFR will also be submitted for consideration of GFOA’s Award for Outstanding Achievement in Popular Annual Financial Reporting, an honor the city has received for the past ten fiscal years.
Background on the PAFR
The Popular Annual Financial Report (PAFR) is designed to provide the public with a clear and concise summary of the city’s financial statements, making complex financial data more accessible. It includes explanatory visuals to enhance understanding and is a valuable resource for New Yorkers and stakeholders interested in the city’s fiscal health. The PAFR complements the Annual Comprehensive Financial Report (ACFR), which offers a more detailed analysis of the city’s financial position.
The full Popular Annual Financial Report for Fiscal Year 2025 is available on the NYC Comptroller’s Office website.
Key Features of the Fiscal Year 2025 PAFR
| Feature | Description |
|---|---|
| Economic Performance | Moderate growth with employment gains in Health & Social Assistance; stable employment and wage increases in key sectors; housing market trends showing a tightening rental market and sluggish sales market. |
| Financial Overview | Total revenues of approximately $120.1 billion, a $4.9 billion increase from FY 2024; total expenses of about $120.3 billion, a decrease of nearly $1.8 billion from the previous year; notable changes in general government, social services, and environmental protection expenses. |
| Accolades | Received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association for the 45th consecutive year; PAFR submitted for consideration of GFOA’s Award for Outstanding Achievement in Popular Annual Financial Reporting. |
FAQ
What is the Popular Annual Financial Report (PAFR)?
The PAFR is a report released by the Office of New York City Comptroller Brad Lander that provides a concise and accessible overview of the city’s financial health for the fiscal year ending June 30, 2025. It complements the more detailed Annual Comprehensive Financial Report (ACFR) and includes explanatory visuals to enhance understanding.
What are the key highlights from the Fiscal Year 2025 PAFR?
The key highlights include moderate economic growth, with employment gains primarily in the Health & Social Assistance sector; a tightening rental market and sluggish sales market; and total program and general revenues reaching approximately $120.1 billion, marking a $4.9 billion increase from FY 2024. Expenses for FY 2025 were about $120.3 billion, a decrease of nearly $1.8 billion from the previous year. Additionally, the City of New York received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association for the 45th consecutive year.
Where can I access the full Popular Annual Financial Report for Fiscal Year 2025?
The full Popular Annual Financial Report for Fiscal Year 2025 is available on the NYC Comptroller’s Office website.
Now Happening on X
- @NYCHomelessGUY39 (November 25, 2025): The NYC Comptroller’s Office has released the Fiscal Year 2025 Popular Annual Financial Report, noting that real estate taxes generated the highest revenues at $34.5 billion. View on X
- @NYCHomelessGUY39 (November 25, 2025): Shared a link to the full Popular Annual Financial Report (PAFR) from the Office of the New York City Comptroller Brad Lander. View on X
- @Citizens Budget Commission (November 18, 2025): At CBC’s Comptrollerpalooza 2025, NYC Comptroller Mark Levine highlighted reasons for optimism, including commercial leasing at a 20-year high, nearly 500,000 young people moving to the city in five years, and rising tax receipts. View on X
- @frank v carone (November 18, 2025): The Adams administration has overseen a strong economic rebound, with 183,000 small businesses operating in NYC—the highest ever—including one in five that started during the administration, alongside 4.85 million jobs. View on X
- @ChetTheJet (November 20, 2025): Discussed challenges in the commercial real estate market in major blue cities, noting NYC’s total office market value is down 30–50%, with details on distressed properties and broader economic implications. View on X
- @Comfortably Elite (November 22, 2025): Highlighted NYC’s economic strength, producing nearly $4 trillion in GDP, with a projected FY 2025 surplus of $2.34 billion, and crime reductions including a 26.6% drop in shootings and 17.7% in murders year-to-date. View on X
- @The Business Council (November 23, 2025): Warned that New York cannot afford to ignore how hospital consolidation is choking the small business economy and its broader fiscal impact. View on X
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