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New York city finance Summary. history assignment help in uk: history assignment help in uk
New York city finance
The debt burden is the cost of servicing debt. For the consumers is the cost of interest payments on debt. The debt burden is determined through the debt ratio, which helps measure a given entity’s total liabilities as a percentage of its total assets. Thus, a debt ratio helps determine the company’s ability to pay off its liabilities with its assets. From the New York city financial statement, the debt ratio can be calculated through:
Debt ratio= total labilities
New York city debt ratio = 381584362/195201855
The New York city financial government is in a risky debt from the ratio above since it cannot sell all its assets and settle the debt burden. New York City‘s financial statements have five types of debts: finance its capital program with General obligation bonds and New York transitional finance authority bonds, which account for 40.8% and 51.5% of the outstanding total. The General fund revenues are paying the service paid to these bonds with the exclusion of the STAR corporation debt service. While the STAR debts are being paid through an annual transfer of $170million of state sales tax revenues from the local government assistance corporation, and finally, the NYW debts are being paid by water and sewer user fees (Ottaviani & Vandone, 2020). Hence, the above ratio comparing the payment of interest debts and the income revenue shows that New York City is risky.
The general obligation debt in the City of New York increased in the year 2020 as compared to 2019 since, in 2020, the deficit was at $38.78 million, which accounted for almost 45% of the gross debt outstanding of the New York City, which in turn influenced a decrease of 0.2% in share from 2019. There was also an increase in liabilities in the 2020 financial year due to the COVID-19 virus, which forced the state government to borrow so that they manage the crisis by ensuring there is a smooth flow of services within New York City since most of the business were closed which led to reduction of the general revenues in tax. The assets also depreciated compared to the financial year of 2019 since most of the investors were reluctant to invest due to the business’s uncertainties (Leão, 2020). Hence due to the above analysis, there was a general increase in liability than assets, thus affecting the financial year of 2020 in that there was an increase in debt.
Comparing the debt ratio of New York state with other states in America it shows that, it is among the one which is poorly performing in that it has more liabilities than assets and also it pays more interest than most of the states. Also, comparing the net positions of different states of America, New York has the worst net position at $203.77 billion, with which the total assets are at $106.61 billion. Still, also it has the lowest debt ratio in many states in New York.
From the analysis and the calculation of the ratio above, New York city financial year was affected by the COVID-19 virus since it had a higher budget and objectives to improve the infrastructure and the health system before the out-brake of the virus. After the virus outbreak, most of the business was closed like the SMEs which contributed to 90% of the total revenue mainly through tax. The amount of tax remitted reduced drastically due to the state’s offers to minimize taxation to allow the SMEs to revive themselves. Also, there was a general increase in expenditure during the 2020 year than the income, which prompted the state to borrow more to meet the expenditure (Fu & Tang, 2020). There was an increase in expenditure on environmental protection expenses due to an increase in the department of sanitation expenditure resulting from COVID-19 emergency food programs that the department was tasked with operating. The general government expenses increased due to an increase in the department of citywide administration services spending for testing sites, hospital fields and procuring of medical and non-medical supplies in response to the COVID-19 pandemic. The programs that were put in place to control the pandemic also increased the expenditure budget, affecting the whole budget of 2020. Thus New York city financial year 2020 has a poor ratio due to an increase in liabilities initiated by over expenditure and borrowing.
Operating grants and contribution. history assignment example
Revenue resources are different entities that are generating revenue for a given business or company in a given period like the City of New York; the significant source of revenue is the operating grants and contribution, taxes and income investments and others like charges which are conducted on the service which is given and also gain on substance defending (Alstete, 2014).
Operating grants and contribution
Program-specific operating grants and contribution are the revenues that New York City receives from mandatory and voluntary non-exchange transactions with other governments and organizations restricted for use in a particular program. There has been a continual increase of revenue in program revenue in operating grants and contribution since 2011, thus playing a significant role in developing the city (Vincent, 2018). The grants and contributions play an essential role in developing essential projects in the town like the health system and the security system of New York City. The source of the grants and contributions are mostly the investors and the national government, which becomes a significant source of revenue in the financial year of 2020 and the last ten years.
From the financial data above, the total amount of available assets is $64.8 billion while the available liabilities are $259.2 billion; hence the grants and contribution were compared to the data. From the trend percentage analysis above, there has been a continuous increase in the number of operating grants and contribution almost every year to enhance the development of certain projects within New York city like infrastructure and improvement of security. The 2020 grants and contribution in New York City mainly were to control the pandemic as portrayed in the financial statements since through the grants their food relief programs and election of filed hospitals for mass testing. There will be a future increase in the number of operating budgets and contributions as a form of revenue since the trend is changing positively (Vincent, 2018). Compared to other revenue sources, grants and assistance are the major sources of revenue in New York City and play a vital role in developing the city.
New York city finance Taxes. ap art history homework help: ap art history homework help
Taxes are involuntary fees that are being levied on individuals or corporations. It is enforced by a government entity that may be local, regional, or national to finance government entity. These taxes may be indirect like the sales other may be direct like cringed income tax. One of the sources of income in the city of New York state is taxes levied on the business and even real estate. Like in financial 2020, the tax on the real estate was $357 789, while the general tax was $8,852,890. The New York city-state taxes are mainly based on the investors who are investing in the city like in Manhattan, most investors have majored in the banking industry and finance industry which is the primary source of tax to the town, generating almost 15% of the tax, also taxes are generated from the central business districts which are the largest in the world that are yielding nearly 20% of the tax income, comparing the tax revenue generated in the financial year 2020 based on each source of income the real estate is the largest source of revenue in the form of tax while the lowest in the services which are lending (Brown, 2020). Also, during the period, there was an increase of taxpayer burden in that it was -$68,200.
Tax payer burden = the money available to pay bills divided by number of state tax payers assets available = $64,810
Bills = $259,233
Each tax payer surplus= $64810-$259233= -$68200
The following is the trend percentage tax table of New York City for the last ten years.
The percentage trend is calculated by = the tax of a given year divided by the base year, which I have taken to be the tax of 2020.
From the trend analysis percentage above, there is a continuous increase in the amount of the tax revenues in each year by a margin which is not less than 1%, thus showing there are regular investments in the New York city by new investors also there is an increase in SMEs which also contribute to the general revenue income and there was transparency and effectiveness during the process or remitting taxes since a percentage of 89% complied to paying of taxes (Brown, 2020). According to the financial report of New York City in the year 2020, there is was increase in real estate tax which was caused by the growth in billable assessed value during a fiscal year also, the income tax was increased due to general increase incorporation of taxation in the financial year 2019. The taxes played a vital role in management and administration during the pandemic since most of the expenditure increased beyond the predicted budget since new strategies and remedies were put in place to control the spread of the COVID-19 virus. Comparing the expenditure of 2019 and that of 2020, there is a 56% increase and 24% beyond the budgeted expenditure.
New York city finance Investments. help me with my history homework
An investment is an asset, or an item acquired to generate income or appreciations in the unforeseen future and is treated as a source of revenue in a financial statement position. This may include the purchase of bonds, stock or real estate property to sell it at a higher price after appreciation (Ughetto, 2020). The investments are a significant source of revenue in New York City since, from them, the state government can generate about 4% of the total revenue each year from the financial data of the last ten years.
The following is the the investment income to other sources of revenue in the year 2020 is the third-highest source of income. The city has majored in investment, more so in the infrastructure system of and through it, they can earn regular income. Also, they have invested in the health system to provide effective services to the people (Ughetto, 2020). Also, New York has invested in banking, finance, and communication like in Manhattan, which is the largest banking centre globally and the main source of income in the federal state of New York. The state of New York City has also invested in the real estate industry. It is home to many large corporations like the borough, which contains over 500 million square office space, which is all occupied, and the New York city-state is owning it. It has also invested in the business districts and trading centres so that from it they can get income in the form of taxes and other means, like the midtown Manhattan which is nearly 400 million square feet as of 2015, is the largest central business in the world also generating the highest revenue.
Finance, high technology, real estate insurance and health care are the investments of New York city that form the basis of the New York economy due to the high revenues generated each month (Ughetto, 2020). The state has also invested in the mass media centres, journalism, and publishing in collaboration with other investors, which also generates revenue since most of the publishing and mass media activities like advertising and filming are done in the state. Thus, from the above analysis on the financial data and revenue of New York city-state in the last ten years, the city has majored in investment that has the third-highest returns each year, which makes assets vital in the development of New York City.