New York City, New YorkThe Rating Outlook remains Negative and reflects the potential for weakening of the city’s financial resilience, and uncertainty around projected expenditure savings and gap-closing solutions without a reliance on available reserves. Fitch Ratings recognizes progress in closing the fiscal 2027 budget gap with a combination of new recurring and nonrecurring revenues, elimination of the use of reserves, and improved projected fiscal year-end (FYE) 2026 results. Carry-forward surpluses are on a declining trend, notwithstanding continued strong yoy revenue growth.
Mon 05 Oct, 2026 – 9:57 AM ET