The New York Metropolis Financial Tracker: February 17, 2025

The New York Metropolis Economic system Tracker is a joint mission between Investopedia and NY1, utilizing publicly accessible information to guage the financial well being of town throughout quite a lot of metrics.

For the week of February 17, 2025, we’re taking a look at common annual funding from the federal authorities to New York Metropolis, and its affect on varied applications supporting New Yorkers.

How Does Cash From the Federal Authorities Affect New Yorkers?

Over $100 billion flows from the federal authorities to New Yorkers annually, in line with an evaluation by the NYC Comptroller’s workplace. Nevertheless, this cash comes from quite a lot of totally different sources and thru a variety of totally different applications to in the end affect the lives of individuals within the metropolis.

The applications that account for the biggest share of the annual cash the federal authorities sends to New Yorkers are for important healthcare providers. This features a complete of $53.8 billion {dollars} from applications like Medicare, Medicaid, and the Important Plan for healthcare for thousands and thousands of New Yorkers. A further $32.7 billion is supplied for revenue safety and associated advantages like Social Safety, Supplemental Safety Revenue, the Supplemental Vitamin Help Program (SNAP) and the Particular Supplemental Vitamin Program for Ladies, Infants, and Youngsters (WIC) that additionally profit thousands and thousands of New Yorkers.

Moreover, in a typical 12 months, the federal authorities supplies about $5.5 billion via each categorical and block grants to public well being, training, and housing establishments just like the CUNY system, NYC Well being + Hospitals, and the NYC Housing Authority that educate, home, and deal with thousands and thousands of New Yorkers.

What Elements of the Metropolis Funds Are Most Impacted by the Federal Authorities?

Other than help and grants that present direct profit to New Yorkers, the federal authorities additionally gave nearly $10 billion {dollars} in funding to town authorities’s FY ‘25 operational finances, about 8.3% of town’s total finances of $115 billion for that fiscal 12 months. Though a lot of this cash isn’t conveyed on to New Yorkers, it nonetheless has a considerable impact on town companies that do administer applications immediately impacting New Yorkers.

For instance, about 50% of the NYC Administration for Youngsters’s Companies finances—about $1.6 billion {dollars}—was from federal funding in FY ‘25. The NYC ACS conducts youngster abuse and neglect investigations, juvenile justice applications, and helps subsidize care and training for teenagers across the metropolis. Round 30% of the NYC Division of Housing Preservation & Growth’s bills—round $673 million {dollars}—was federally funded in FY ‘25. The NYC HPD enforces the housing upkeep code on behalf of tenants for buildings throughout town and helps homeowners hold buildings in good restore with loans, and outreach and academic applications. An estimated 17% of the NYC Division of Homeless Companies line objects—about $625 million {dollars}—was federally funded in FY ‘25. The NYC DHS is the group that helps New Yorkers with out housing discover shelter, employment alternatives, and connections to different support.

Though NYC receives some huge cash from the federal authorities, it’s essential to place this relationship into perspective. New York Metropolis is a web contributor to the federal authorities—apart from years that required main federal monetary help akin to after Hurricane Sandy and the COVID-19 disaster, town’s steadiness of funds with the federal authorities is often unfavourable. Taxes New Yorkers pay into the federal authorities sometimes exceed the cash transferred from the federal authorities to New York Metropolis.