Bureau of Budget
The Comptroller's Bureau of Fiscal and Budget Studies and Bureau of Financial Analysis monitor New York City's fiscal and cash position.
Bureau of Fiscal and Budget Studies
The Bureau of Fiscal and Budget Studies (FABS) monitors the City's revenue collections, expenditures, capital program, debt capacity, and economy. Over the course of the City fiscal year, which spans July 1 to June 30, the Mayor updates the current year budget and projections for future years within the financial plan. Upon the release of financial plan updates, FABS conducts a thorough review major components of the City's budget, focusing on the soundness of fiscal and economic assumptions, changes in expense and capital budget priorities, and potential developments affecting the City's fiscal outlook.
The budget preparation and review process adheres generally to the following cycle:
1) the release of the first quarter budget modification by November;
2) the Mayor's submission of a preliminary budget for the ensuing fiscal year in January;
3) the Mayor's presentation of the Executive Budget to the City Council in April; and
4) budget adoption prior to July 1, the beginning of the new fiscal year.
In addition to the Comptroller’s Comments on the City’s Financial Plan, FABS prepares a number of specific reports and letter statements that are mandated by the City Charter:
- An annual report to the City Council on the state of the City's economy and finances by December 15, including evaluation of the City's financial plan.
- An annual report on the City's capital debt and obligations to the City Council, the Mayor, and the City Planning Commission by December 1. The report examines the maximum amount of debt the City may soundly incur in subsequent fiscal years and the indebtedness against the general obligation debt limit, as stipulated in the State constitution, in the current and subsequent three fiscal years.
- A certified statement of debt service that the Comptroller submits to the Mayor and the City Council by March 1. The statement, which is published in the City Record, contains a schedule of debt service appropriations for the subsequent fiscal year.
- A letter statement certifying the Adopted Budget Resolution, in collaboration with the Mayor and filed by the City Clerk.
Bureau of Financial Analysis
The Bureau of Financial Analysis (BFA) monitors the daily cash balances in the City's central treasury to ensure that the City maintains adequate levels of cash-on-hand throughout the fiscal year. BFA forecasts the daily cash balances for the current fiscal year to determine the need for and timing of seasonal borrowing. The Comptroller issues a Cash Letter showing these projections with regular updates throughout the year. BFA also prepares the Quarterly Cash Report, providing an overview of the City's cash position and highlighting major changes during the quarter. In addition, the Office of Management and Budget and BFA issue monthly Financial Plan Statements for the City detailing variances between the City's revenue, expenditure, and capital financial plans and year-to-date results.
You can contact the Bureau at (212) 669-4993.
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