New York saw a drastic fall in state income for April 2020, reports Bambridge Accountants New York.
According to the monthly figures released by the State Comptroller for New York, the key notes are: - New York state tax receipts are down by $7.9 billion for April 2020. - a fall of 68.4 percent compared to April 2019 - funds collected in April 2019 were $11.6 billion - New York facing $8.2 billion in cuts The New York State Comptroller Thomas P. DiNapoli forecasts the city economy will shrink by 12.9% in 2020. Review of the Financial Plan of the City of New York, issued by the New York State Comptroller, includes the details below. New York City economy - Unemployment is at the highest levels since the end of World War II. - Hotel occupancy has fallen from 87% to 15%. - Broadway theaters are projected to lose more than $100 million in 2020. - The securities industry in New York is expected to lose $6.4
billion in 2020, the first loss since the financial crisis in 2008. This
industry contributes 6% of the City tax revenues. - Office space in Manhattan will see vacancy rates rise from 11.1%
to 17.6% in 2020 - asking rents are expected to decline by more than
10%. Budget deficit - The city faces significant risks as there is now a projected $8.7
billion budget gap for 2020 and 2021 and the city will need to draw down
$4 billion from its reserves. - The deficit will continue for 2022 ($5 billion deficit), 2023 ($4.5 billion deficit) and 2024 ($4.9 billion deficit). $8.2 billion in cuts As part of the review of New York's finances issued this month,
Governor Andrew Cuomo will need to find $8.2 billion in cuts - the
report warns these cuts will have an adverse effect on New York City as
funding for education and lower-income households would be reduced. Contact: Alistair Bambridge, alistair@bambridgeaccountants.com, +1 646 956 5566. Bambridge Accountants has offices in London and New York, specializing in creatives and U.S. expats around the world. source - https://www.newswire.com/news/new-york-revenues-worst-fall-since-great-depression-reports-bambridge-21146900
| Company Name | Contact Person | Contact Number | Email Id | Website | Address |
|---|---|---|---|---|---|
| BAMBRIDGE ACCOUNTANTS NEW YORK | 6469565566 | alistair@bambridgeaccountants.com | https://bambridgeaccountants.com/ |
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