New York City’s fiscal condition continues to improve, but remains at risk for deficits because it has relied on nonrecurring resources to balance its budget, New York State Comptroller Thomas DiNapoli said in an annual report on the city’s fiscal plan.

“Next year’s budget will be balanced, but there are still significant out-year budget gaps to be closed and risks to be managed,” DiNapoli said. “The city has relied heavily on reserves and other one-shot sources of revenue, leaving fewer reserves to cushion the impact of potential budget risks.”

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