Municipal Brief: New York City

Source: S&P Global Ratings, November 19, 2018
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The City of New York’s recently released 2018 comprehensive annual financial report confirms expected year-end results with those identified in the 2019 adopted budget. The audit presents a story of continued economic strength supporting strong revenue growth, outpacing higher-than-inflation expense growth, thereby supporting a slow-but-steady increase in the city’s reserves.