![]() That is among the fastest rates among the nation’s 10 largest cities and is higher than the average for the more than 14,000 local government recipients (55.6%) reviewed. Some of those investments have already begun and there is still time for recipients who have not already spent all of their funds to fully implement their recovery plans over the next two years.ĭiNapoli’s report found that New York City obligated about $2.5 billion (86%) of the $2.9 billion in SLFRF funds it received through March 2022. Treasury Department has praised recipients for recovery strategies that prioritize urgent needs but has also encouraged recipients to make long-term investments. DiNapoli’s report examined how New York City and other local governments across the country used the first of two partial payments of these funds, totaling nearly $224 billion. ![]() The American Rescue Plan Act of 2021 (ARPA) provided $350 billion in Coronavirus State and Local Fiscal Recovery Funds (SLFRF) for states, local and tribal governments with resources to respond to the pandemic and its economic effects and to build stronger, more equitable economies. “As state and local governments now face new fiscal uncertainties from rising inflation and a potential recession, the city must closely monitor the shifting fiscal environment to use any remaining funds in ways that continue to boost recovery and avoid spending choices that increase budgetary gaps.” “New York City acted quickly to use federal dollars to shore up its finances and keep vital services going during the pandemic,” DiNapoli said. ![]() New York City is using the federal funds it received in the wake of the COVID-19 pandemic to replace revenue losses and mitigate negative economic impacts, similar to other major cities in the country, but it has used them at a faster pace than its peer cities, which leaves less available to address future uncertainties, according to a report released today by State Comptroller Thomas P. ![]() damages incurred from the viewing, distributing, or copying of such materialsīecause Google Translate™ is intellectual property owned by Google Inc., you must use Google Translate™ in accord with the Google license agreement, which includes potential liability for misuse: Google Terms of Service.damages or losses caused by reliance upon the accuracy of any such information.The State of New York, its officers, employees, and/or agents are not liable to you, or to third parties, for damages or losses of any kind arising out of, or in connection with, the use or performance of such information. The Office of the State Comptroller does not warrant, promise, assure or guarantee the accuracy of the translations provided. If you rely on information obtained from Google Translate™, you do so at your own risk. Google Translate™ cannot translate all types of documents, and it may not give you an exact translation all the time. However, the "Google Translate" option may help you to read it in other languages. The New York State Office of the State Comptroller's website is provided in English. This Google™ translation feature is provided for informational purposes only.
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