Governor Kathy Hochul led the annual meeting of the New York State Financial Control Board in New York City today, marking the board’s 50th anniversary. The event brought together several city and state leaders to discuss New York City’s financial health and future plans.
During her remarks, Governor Hochul acknowledged key officials in attendance, including Mayor Eric Adams, State Comptroller Tom DiNapoli, City Comptroller Brad Lander, Michelle McManus, and private members Dean Fuleihan, Marjorie Henning, and William Thompson, Jr.
“It’s a privilege to open up this meeting on our 50th anniversary — for half a century this board has played an integral role in ensuring that we safeguard our financial health of this great city. And I’m proud to say, by every measure, the health of the city is strong. And the City is paying its bills, not running an operating deficit, and the City budget has been passed. None of the five statutory triggers for a controlled period have been met, and this is a testament to discipline, fiscal management and our shared commitment to keeping New York City on solid ground. But dollar amounts don’t tell the entire story. Fiscal health is also about public confidence. Whether people want to live here, work here, invest here. And that’s why working together my administration has also made this a top priority, working hand in hand with our city partners, proudly we’ve driven down crime. You’ll hear more about that I’m sure, but driven down crime to levels that are astounding given where they had started when I first became Governor — creating a partnership with the City. Fewer people are leaving; more choosing to build their future here,” said Governor Hochul.
She noted that tourism numbers have increased significantly in New York City after previous declines during the pandemic years. This increase has contributed additional revenue for essential services.
The Governor highlighted recent efforts aimed at housing affordability and development in collaboration with city leadership. “Tourists are returning and record numbers, bringing revenue and supports vital services. And because affordability is central to the City’s long term stability, we’ve taken bold action together to address housing costs. That’s why I was proud to support the mayor’s efforts in securing a billion dollars in state funding for the City of YES initiative, which is expected to create more than 80,000 well needed housing units here in the City. At the state legislative level, we’ve extended the 421-A, unlocking more than 71,000 units — already in the pipeline that otherwise would not have occurred. We enacted a new property tax incentive to explore even more housing development, including affordable rentals and home ownership opportunities,” she said.
Hochul also addressed concerns about federal funding cuts and their possible impact on both city and state budgets. She emphasized ongoing efforts at fiscal planning within Albany but cautioned that reductions from Washington could affect future aid levels.
“We can’t promise the same level of State aid if Washington pulls funding out from under us, but we can be clear-eyed about the risks, plan for the future, and work together,” Hochul stated.
As part of regular business proceedings during today’s meeting—held with designated observers from various government offices—the minutes from last year’s board meeting were approved unanimously before moving on to review New York City’s four-year financial plan.
