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Annual Update: Metropolitan Transportation Authority’s Debt Profile
As 2020 began, the Metropolitan Transportation Authority (MTA) was already facing challenges in balancing its budget, along with missed capital commitment goals, capital funding risks and escalating debt service costs. The COVID-19 pandemic has exacerbated these troubling trends. The MTA was able to balance its 2020 and 2021 budgets with federal emergency relief and funds that had been earmarked for capital purposes. The authority now faces out-year gaps it intends to close with additional federal aid and borrowed funds, and it must advance a capital program that has barely started.
The Tourism Industry in New York City: Reigniting the Return
New York City is a top global destination for visitors drawn to its museums, entertainment, restaurants and commerce. The City is also host to conventions and trade shows, and major athletic events such as the New York City Marathon and the U.S. Open. The industry experienced strong growth in employment and wages in the decade preceding 2020. OSC estimates the industry lost nearly a third of its employment in 2020. Visitors and their spending are not projected to reach pre-pandemic levels before 2025. Employment is unlikely to rebound fully before visitor spending.
The Construction Industry in New York City: Recent Trends and Impact of COVID-19
The COVID-19 pandemic brought a halt to the growth of the construction industry nationwide which, prior to the pandemic, had been growing strongly. This was especially true in New York State and New York City. Before 2020, the nation’s construction employment increased for nine consecutive years, though it never met the peak reached before the Great Recession. However, in the State and the City, jobs reached a record high by 2015. Construction employment in the City grew especially robustly, rising by 43.5 percent from 2011 to 2019, the City’s fastest-growing sector during this period.
Recent Trends and Impact of COVID-19 in the Bronx
Prior to the COVID-19 pandemic, the Bronx was on a trajectory of growth. It attracted new residents, particularly immigrants, at a higher rate than any other borough, and experienced solid improvement in employment and new businesses. In spite of these trends, most Bronx neighborhoods faced higher risks for negative health and economic outcomes from the pandemic. Characteristics that reflect economic and social inequities, such as lower household incomes, higher poverty rates, jobs less conducive to remote work and a higher share of minority residents, made the Bronx particularly vulnerable.
Office of Mental Health: Oversight of Telemental Health Services
The objective of this audit was to determine if the Office of Mental Health is adequately monitoring the delivery and performance of telemental health services and ensuring that related telemental health activities are conducted in accordance with applicable laws and regulations.
New York State Agency Use of Overtime - 2020
This report examines the use of overtime by New York State agencies over the past ten calendar years.1 The total cost of overtime in calendar year 2020 reached an all-time high at more than $850 million, covering roughly 19.1 million overtime hours worked. Certain agencies experienced major spikes in overtime due to the COVID-19 pandemic, but most overtime was performed in agencies that have typically relied upon it.
The Increasing Threat of Identity Theft
This report summarizes identity theft trends in New York during the coronavirus pandemic.