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Virus effects have battered New York City’s economy and by extension, the city’s budget and credit standing.
October 30
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The comptroller report said New York City's reserves mitigate the need for bond financing to fund operations as the city has more in reserve funds than pre-Great Recession and Sept. 11-related recession figures.
October 29
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The transit agency — its revenues battered, its credit standing weakened and with no federal rescue aid in sight — looks to borrow its remaining $2.9 billion available through the Municipal Liquidity Facility.
October 29
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The two-notch lowering to A-minus precedes the transit agency's planned $258 million negotiated sale of transportation revenue refunding green bonds.
October 26
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New York Gov. Andrew Cuomo is holding off on addressing a widening revenue gap until after the election, hoping a Democratic win will mean more stimulus, a move analysts criticized.
October 22
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The securities industry was buoyed by federal stimulus and a massive influx of liquidity, report says.
October 22
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New York MTA inspector general rails at lax contractor evaluations
October 14
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Annual debt service could spike to $4 billion by 2024, or up 55% since 2019, making up 24% of the agency's total revenues, Thomas DiNapoli said.
October 13
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Adam Andrzejewski, CEO of OpenTheBooks.com, cites years of reckless spending and mismanagement. Paul Burton hosts. (14 minutes)
October 13
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The transit authority, reeling from the effects of the coronavirus, takes another hit from Wall Street.
October 6
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New York State’s first credit downgrade in 17 years is a warning that fiscal changes will be necessary to combat its coronavirus-induced budget crisis, according to observers.
October 2
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Bond analysts and budget watchdogs say the move underscores the need for the de Blasio administration to look within for efficiencies, even if it receives more federal or state help.
October 2
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The rating agency lowered GO and other credits, citing the effects of the coronavirus.
October 1
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The move by New York's mayor could precede more citywide action in the absence of federal rescue aid or state-authorized long-term borrowing.
September 16
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New York's law permitting municipalities to extend rollover periods on bond anticipation notes provides budget flexibility, but it's unclear how it will impact long-term debt.
September 8
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Municipal bond volume kept rolling in August, producing the second-highest volume for the month in the past decade, marking the third consecutive month this year of greater-than $40 billion.
August 31
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The mass transit agency, its finances reeling from the coronavirus, rejected bids from 10 different banks and sold $451 million of notes to the Municipal Liquidity Facility.
August 19 -
New York State’s revenue deficit deepened during the first three months of fiscal 2021, underlining how crucial federal funding is to help, according to Gov. Andrew Cuomo.
August 17
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The move will enhance economic recovery from the coronavirus, the rating agency said.
August 12
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Failure to aid one could hurt the others, according to the state comptroller's review of the city's financial plan.
August 5
