1、 1 The State of the Citys Economy and Finances BUREAU OF BUDGET December 15,2025 1 Centre Street,New York,NY 10007 (212)669-3916 ptroller.nyc.gov Office of the New York City Comptroller Brad Lander 1 Brad Lander Comptroller Executive Deputy Comptroller for Budget and Finance Francesco Brindisi Deput
2、y Comptroller for Budget Krista Olson Senior Director,Budget Oversight Elizabeth Brown Chief Economist Jonathan Siegel Report Coordinator Kettly Bastien Director,Tax Policy&Revenue Analysis Yaw Owusu-Ansah Director,Budget Analysis&Research Krzysztof Haranczyk Director,Cash Analysis Irina Livshits Di
3、rector,Economic Research Jason Bram Bureau of Budget Staff Jovanni Ayala Amber Born Rosa Charles Stephen Corson Nicholas Dodds Aida Farmand Michele Griffin Michael Hecht Dahong Huang Jack Kern Marcia Murphy Kieran Persaud Claire Pozniak Aliyah Sahqani Bailey Schweitzer Andre Vasilyev 2 The State of
4、the Citys Economy and Finances Contents I.Executive Summary.3 II.The State of the Citys Economy.9 Economic Conditions and Forecast,2025 2029.9 Economic and Fiscal Research:2025 In Review.27 III.The State of the Citys Finances.30 The Citys Financial Position.30 The November 2025 Financial Plan,FY 202
5、6 FY 2029.35 The Comptrollers Offices Restated Gaps and Surpluses.37 Revenue Analysis.41 Expenditure Analysis.60 IV.Capital Budget and Financing Program.110 Capital Commitment Plan,FY 2025 FY 2028.110 Financing Program.115 V.Appendix.120 Office of the New York City Comptroller Brad Lander 1 List of
6、Tables Table 1.FY 2026 FY 2029 November Financial Plan.6 Table 2.Plan-to-Plan Changes,November 2025 Plan vs.June 2025 Plan.7 Table 3.Comptrollers Office Restated Gaps.8 Table 4.Forecast of Selected Economic Indicators,Calendar Year Averages,2025 to 2029.10 Table 5.FOMC Members Median Economic Projec