Governor Kathy Hochul chaired the New York State Financial Control Board’s 50th anniversary meeting, emphasizing New York City’s robust financial stability. She highlighted the city’s balanced budget, absence of operating deficits, and disciplined fiscal management, noting that none of the five statutory triggers for a control period have been met. Hochul praised collaborative efforts with Mayor Eric Adams, including initiatives like the City of YES, which secured $1 billion for 80,000 housing units, and the extension of the 421-A program, unlocking 71,000 additional units. Despite federal funding challenges, Hochul stressed proactive planning and partnerships to sustain public safety, housing, and economic growth, ensuring NYC remains a vibrant place to live, work, and invest.
Rush Transcript: Governor Hochul Chairs New York State Financial Control Board Annual Meeting
Governor Hochul: “It’s a privilege to open up this meeting on our 50th anniversary — for half a century this board has played an integral role in ensuring that we safeguard our financial health of this great city. And I’m proud to say by every measure the health of the City is strong. And the City is paying its bills, not running an operating deficit, and the city budget has been passed. None of the five statutory triggers for a controlled period have been met, and this is a testament to discipline, fiscal management and our shared commitment to keeping New York City on solid ground.”
Hochul: “In Albany we’re already scrutinizing our own financial plan. I want to thank my budget director Blake Washington for leading the charge there as well, and helping make the tough choices to ensure we continue providing support and services where needed the most. We can’t promise the same level of state aid if Washington pulls funding out from under us, but we can be clear-eyed about the risks, plan for the future, and work together.”
Earlier today, Governor Kathy Hochul chaired the New York State Financial Control Board annual meeting in New York City.
A rush transcript of the Governor’s remarks is available below:
Good morning everyone. Happy 50th anniversary, financial control board. You’re all looking pretty good. I want to acknowledge the many leaders of our community who’ve joined us here this morning during this annual ritual. Mayor Eric Adams, I want to thank him for everything he has done for the city and the partnership we’ve long enjoyed. Our Comptroller Tom DiNapoli, an extraordinary leader, we’re blessed to have his service. Where’s our Comptroller? Right here okay — I’ve got to get my seating chart where everybody is. Thank you, Comptroller. Appreciate you very much. And our City Comptroller Brad Lander has joined us as well. I want to thank you for your service to the city and Michelle McManus the person who’s the weight of on your shoulders, and I appreciate you and all the members of the Financial control board, the staff and others who stepped up and also our private members, Dean Fuleihan, Marjorie Henning, and William Thompson, Jr.— and thank you for your service to our community as well.
It’s a privilege to open up this meeting on our 50th anniversary — for half a century this board has played an integral role in ensuring that we safeguard our financial health of this great city. And I’m proud to say, by every measure, the health of the city is strong. And the City is paying its bills, not running an operating deficit, and the City budget has been passed. None of the five statutory triggers for a controlled period have been met, and this is a testament to discipline, fiscal management and our shared commitment to keeping New York City on solid ground. But dollar amounts don’t tell the entire story. Fiscal health is also about public confidence. Whether people want to live here, work here, invest here. And that’s why working together my administration has also made this a top priority, working hand in hand with our city partners, proudly we’ve driven down crime. You’ll hear more about that I’m sure, but driven down crime to levels that are astounding given where they had started when I first became Governor — creating a partnership with the City. Fewer people are leaving; more choosing to build their future here.
Tourists are returning and record numbers, bringing revenue and supports vital services. And because affordability is central to the City’s long term stability, we’ve taken bold action together to address housing costs. That’s why I was proud to support the mayor’s efforts in securing a billion dollars in state funding for the City of YES initiative, which is expected to create more than 80,000 well needed housing units here in the City. At the state legislative level, we’ve extended the 421-A, unlocking more than 71,000 units — already in the pipeline that otherwise would not have occurred. We enacted a new property tax incentive to explore even more housing development, including affordable rentals and home ownership opportunities. And of course we face real headwinds not of our own making. The cuts from the federal government will have serious implications for both the City and the State. In Albany we’re already scrutinizing our own financial plan. I want to thank my budget director Blake Washington for leading the charge there as well, and helping make the tough choices to ensure we continue providing support and services where they’re needed the most.
We can’t promise the same level of State aid if Washington pulls funding out from under us, but we can be clear-eyed about the risks, plan for the future, and work together. So as we look ahead, let’s recognize the progress that’s been made, not just in terms of the City’s financial stability, but also restoring public safety. Building more housing, and strengthening the foundations of our economy.
With that, let’s proceed with our agenda. I now call the meeting to order, I’d like to note that the designated observers are in attendance today. Matthew Harnish, observer for the Speaker of the Assembly. Doreen Inserra Observer for the Senate Majority Leader. And Marc Wurzel the observer for the City Council Majority Leader.
I’ll now entertain a motion to approve the minutes of the last board meeting, which was held on August 15th, 2024.
All those in favor signify by saying aye. Those opposed? The ayes have it, these minutes were previously distributed before. Review of the City’s financial plan. The next item on the agenda is the financial plan for fiscal years 2026 to 2029. Mr. Mayor, I understand you’ll present the City’s four-year financial plan.
August 13, 2025
Albany, NY
